'Bakamal Loag, Lajawab Service': PIA annual loss swells to Rs 40 billion

[Naveed Yaseen]

KARACHI (March 27 2009): The loss before tax of Pakistan International Airlines (PIA) has increased to Rs 39.729 billion in the year ended December 31, 2008 as compared to Rs 13.070 billion in the corresponding period in 2007.

The board of directors of PIA in its 318th meeting held on Thursday approved the companys financial results for the year and declared that the companys net loss after taxation had increased to Rs 35.880 billion in the period under review against Rs 13.398 billion in the same period a year back.

The company loss per A class ordinary share of Rs 10 each increased to Rs 17.79 in this period against Rs 6.61 in the same period last year while the loss per B class ordinary share of Rs 5 each has increased to Rs 8.90 in 2008 against Rs 3.31 in 2007.

According to companys financial results, the companys net revenue increased to Rs 89.201 billion in the period under review against Rs 70.480 billion in 2007. On the other hand, the companys cost of services (including aircraft fuel) increased to Rs 85.562 billion in this period against Rs 66.556 billion spent in the same period a year back.

The companys exchange losses increased to Rs 24,118.823 million in this period against Rs 720.151 million in the same period previously. The finance cost of the company also increased to Rs 8.351 billion in 2008 against Rs 7.135 billion recorded in 2007. The companys expenses in account of taxation increased to Rs 3,849.133 million against Rs 327.785 million.

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