Pakistan International Airlines (PIA) has revealed its financial figures for the first quarter of 2023, revealing a deficit of Rs 38 billion.
According to the research, PIA’s loss for Q1 2023 is 171% larger than the same time in 2022, indicating that the National flag carrier’s financial status is deteriorating.
In the meantime, the airline’s revenue for the first three months of the current fiscal year is Rs 61 billion. One of the key causes contributing to PIA’s financial difficulties is the weakening of the Pakistani rupee against the US currency.
The depreciation of the Pakistani rupee versus the US dollar leads to an Rs21 billion loss in PIA’s finances, while increases in gasoline prices and interest rates add to the airline’s financial problems.
Because of administrative incompetence, PIA’s operating expenses climbed from PKR 15 billion to PKR 43 billion.
The financial report highlighted that the PIA’s operating expenses have surged from Rs15 billion to Rs43 billion, mainly due to the administration’s incompetence.