Pakistan International Airlines 2Q2009 revenue up 4.7%, but losses mount

Pakistan International Airlines revenue up 4.7% - full financial highlights:

• Three months ended 30-Jun-2009:
  • Revenue: USD250.2 million, +4.7% year-on-year;
  • Operating costs^: USD222.5 million, -10.4%;
  • Operating profit#: USD27.7 million, compared to a loss of USD9.4 million in the previous corresponding period;
  • Depreciation: USD30.3 million, +28.2%;
  • Exchange loss: USD13.9 million, -83.8%;
  • Profit (loss) before tax: (USD45.9 million), compared to a loss of USD152.5 million in the previous corresponding period;
  • Profit (loss) after tax: (USD40.6 million), compared to a loss of USD152.5 million in the previous corresponding period;
  • Passenger traffic (RPKs): +5.0%;
  • Seat factor: 70.5%, -2.8 ppts;
• Six months ended 30-Jun-2009:
  • Revenue: USD507.5 million, +4.4%;
  • Operating costs^: USD428.2 million, -8.2%;
  • Operating profit#: USD79.3 million, compared to a loss of USD12.0 million in the previous corresponding period;
  • Depreciation: USD57.4 million, +27.4%;
  • Exchange loss: USD36.3 million, -66.1%;
  • Profit (loss) before tax: (USD70.7 million), compared to a loss of USD217.9 million in the previous corresponding period;
  • Profit (loss) after tax: (USD65.4 million), compared to a loss of USD217.9 million in the previous corresponding period.
• *Based on the conversion rate at USD1 = PKR82.60 [more]
• ^Excludes depreciation & exchange losses
• #Before depreciation

Pakistan International Airlines: "The outlook for the aviation industry has deteriorated in the last six month with crises in the international banking system, and deepest recession since the early 80s has taken its toll on the aviation industry. Delays in spending due to economic uncertainties have resulted in weaker demand for discretionary travel. Globally airlines have recorded dips in both passenger and cargo loads and yields," Syed Ather Ali, Director. Source: Pakistan International Airlines, 02-Sep-2009.