The report for the first six months of 2023 has been released by Pakistan International Airlines (PIA), stating that during the initial half of the year, the losses of the national airline exceeded 60 billion and 71 crore rupees.
According to the report, PIA's losses for the first six months of 2022 were 41.31 billion rupees. It is reported that in the first six months of 2023, there have been losses of 27.45 billion rupees due to a decrease in the value of the rupee. In the first six months of 2022, the losses due to exchange were 13.85 billion rupees.
According to the report, in the first half of the current year, there has been an expenditure of 48.34 billion rupees on fuel and oil, while in the first six months of 2022, the expenditure on fuel and oil was 30.78 billion rupees.
Similarly, in the initial six months of the current year, the cost of finances remained at 36.82 billion rupees, whereas in the first six months of 2022, the cost of finances was 21.11 billion rupees.
In the first six months of 2023, the total revenue amounted to 120 billion and 27 crore rupees, resulting in an additional revenue of 11.25 billion rupees compared to the first six months of the previous year.
According to the report, there has been an increase of 41% in operational costs due to the rise in the prices of fuel and oil, and a 20% increase in interest payments due to the rise in the interest rate.