PIA posts losses of over R s67bn in 2018
The Pakistan International Airlines (PIA), suffered a loss of more than Rs67 billion in 2018 over sloppy performance, registering a 32-percent increase in its deficit, according to the results announced following an approval from the national carrier’s board of directors.
The exact loss, which amounted to Rs67,032,000,000, was revealed after the board’s meeting here in Karachi. The board during the meeting gave the go-ahead to publish the company’s financial results for 2018.
The end-of-year report also noted that the PIA suffered a similarly devastating loss of more than Rs51 billion in 2017. The airline’s aggregate deficit crossed Rs437 billion, as of December 31, 2018, while it holds a debt worth Rs288 billion.
Further, the PIA pays a yearly loan interest of a whopping Rs16 billion.
The airline has submitted its end-of-year financial report in the Pakistan Stock Exchange.
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