PIA Reports Rs14.9Bn Loss in March Quarter
PIA Holding Company Limited has reported a consolidated net loss of Rs14.91 billion for the three months ended March 31, 2026
KARACHI: PIA Holding Company Limited has reported a consolidated net loss of Rs14.91 billion for the three months ended March 31, 2026, compared with a loss of Rs8.34 billion in the corresponding period last year, according to the company’s unaudited financial statements.
The company’s financial performance deteriorated significantly during the quarter, mainly reflecting a sharp decline in revenue and continued pressure from high finance costs. The results showed that the company’s revenue fell to Rs3.37 billion from Rs66 billion.
The substantial decline in revenue was accompanied by a reversal in operating performance. PIA Holding Company recorded an operating loss of Rs1.70 billion during the quarter, compared with an operating profit of Rs3.31 billion.
The financial statements showed that the company continued to face a significant burden from finance costs, which stood at Rs13.79 billion during the January-March quarter. Finance costs were slightly higher than the Rs13.66 billion recorded in the same period last year. It indicates that financing expenses remained a major challenge for the company despite the sharp reduction in revenue.
The company reported a loss from continuing operations of Rs15.30 billion during the quarter. Its financial position was further affected by a loss from discontinued operations amounting to Rs1.65 billion. After accounting for the relevant items, the consolidated net loss for the period stood at Rs14.91 billion.
The loss attributable to equity holders of PIA Holding Company also amounted to Rs14.91 billion, while the loss attributable to non-controlling interests stood at Rs2.47 million, according to the financial statements.
The company’s earnings per share also deteriorated during the quarter. Loss per share for Class A ordinary shares increased to Rs2.86, compared with Rs1.59 in the same period last year. Similarly, the loss per share for Class B ordinary shares rose to Rs1.42 from Rs0.80.
The results indicate that the company’s financial performance remained under pressure during the first quarter of 2026, with the steep fall in revenue and substantial financing expenses contributing to the overall loss.
The comparison with the previous year’s results highlights the scale of the deterioration in the company’s reported revenue and operating profitability.
While finance costs remained broadly unchanged, the company moved from an operating profit to an operating loss during the quarter.
PIA Holding Company Limited’s latest financial results provide an indication of the challenges reflected in its consolidated accounts.
The sharp decline in revenue, combined with continued finance costs and losses from continuing operations, contributed to the higher net loss reported for the three months ended March 31, 2026.
The company has published the results as part of its unaudited consolidated financial statements for the quarter, with the comparative figures covering the same three-month period in 2025.
PIA Holding Company privatized
On December 23 2025, An Arif Habib-led consortium won the auction for a 75 per cent stake in PIA with a bid of Rs135 billion. However, on June 29, 2026, the transaction reached its first completion, transferring management control to the consortium.
PIA NEW CEO Appointed
Adrian Hamilton_Manns, a New Zealand-born aviation executive, has been nominated as new CEO of Pakistan International Airlines (PIA).
The sources claimed that the new CEO was introduced to all department chiefs by the PIA chairman. Adrian Hamilton-Manns is a New Zealand-born aviation executive with nearly three decades of experience in airline management.
He has held senior leadership positions at several international airlines, including SalamAir, FlyArystan, and South African Airways.
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