PIA Financial Report for 2014 First Quarter

[Abbas Ali]

1.98 Billion Rupees Loss Suffered by PIA in First Quarter of 2014

Karachi, April 29, 2014: PIA attained operating profit of PKR 1.67 billion rupees for the first quarter i.e. January 1 to March 31, 2014, as against a loss of PKR 5.65 billion of corresponding period of last year (2013). The airline has attained operating profit for the first quarter (January 1 to March 31) after a period of four years.

This was declared in PIA’s 356th Board of Directors’ meeting held at airline’s head office. The meeting was chaired by Secretary Aviation and Chairman PIA Muhammad Ali Gardezi. Managing Director PIA Capt. Muhammad Junaid Yunus was also present at the meeting.

According to the results of first quarter 2014, the total revenue stood at PKR 28.0 billion as against PKR 25 billion of 2013. However, the net loss after paying financial costs and taxation stood at PKR 1.98 billion as against PKR 8.62 billion in the year 2013 which shows a remarkable decline of almost 77 percent in losses. The loss per share has dropped from PKR 2.86 to PKR 0.56.

The board of directors approved the financial results for the period January 1 – March 31, 2014.

Source: PIA Press Release (April 29, 2014)

[Abbas Ali]

PIA 2014 first quarter financial report is now available on airline's official website.

Summarized result shows after-tax loss of 1.98 billion rupees suffered by the airline in 2014 first quarter (January 1 to March 31).


Source: PIA

Abbas

[cric49]

8.62-1.98= 6.64 billion reduced losses
However if you look at the exchange section that has improved by 6.6 billion.

exchange rate improving was the major if not only factor. So what has PIA done exactly?

[Abbas Ali]

I think recent gains made by Pakistan Rupee helped PIA in showing reduced losses in rupees.

Abbas

[imiakhtar]

So what has PIA done exactly?

think recent gains made by Pakistan Rupee helped PIA in showing reduced losses in rupees.

Thank you Saudi Arabia:

http://www.reuters.com/article/2014/03/ ... 3G20140313

(Reuters) - Saudi Arabia loaned $1.5 billion to Pakistan last month to help Islamabad shore up its foreign exchange reserves, meet debt-service obligations and undertake large energy and infrastructure projects, Pakistani officials have told Reuters.

The Saudi assistance has contributed to a sharp recovery of the Pakistani rupee, which rose to a nine-month high of 97.40 from 105.40 against the dollar between March 4 and 12, its strongest rally in 30 years.

"On a personal guarantee of the prime minister, Saudi Arabia has given $1.5 billion, which has helped bail out the rupee," one senior Pakistani government official close to the deal told Reuters, requesting anonymity as he was not authorized to disclose the source and purpose of the funding.

[Abbas Ali]

Summary of losses suffered by PIA since 2005.

4.41 billion rupees loss (after tax) in year 2005.
12.76 billion rupees loss (after tax) in year 2006.
13.39 billion rupees loss (after tax) in year 2007.
35.88 billion rupees loss (after tax) in year 2008.
5.82 billion rupees loss (after tax) in year 2009.
20.78 billion rupees loss (after tax) in year 2010.
26.76 billion rupees loss (after tax) in year 2011.
33.18 billion rupees loss (after tax) in year 2012.
44.53 billion rupees loss (after tax) in year 2013.
1.98 billion rupees loss (after tax) in first quarter of year 2014.

Total: 199.49 billion rupees loss accumulated since 2005.

Abbas