PIA monthly losses reaching all time high

PIA monthly losses reaching all time high

ISLAMABAD - The recent increase in oil prices and depreciation of rupees against the US dollar has put Pakistan International Airline under big losses.

PIA monthly operational losses of the national flag carrier Pakistan International Airlines (PIA) have recorded phenomenal increase of about two billion rupees, sources said on Thursday.

“These factors are contributing to monthly losses, in addition to PIA’s liabilities to the tune of Rs400 billion, making it nearly impossible for the management to bring a turnaround in its business plans,” the sources in the Aviation Division said.

They were of the view that the current losses on account of increased fuel prices and depreciation of rupee has added to PIA’s financial constraints in gradually disposing of its liabilities including bank loans.

The Aviation Division has already brought these issues in the notice of Ministry of Finance to take appropriate steps in containing these losses in order to improve performance and businesses worthiness of the national flag carrier.