Pakistan International Airlines losses widen in 1Q2011

Pakistan International Airlines revenue up 14% - consolidated financial highlights for the three months ended 31-Mar-2011:

• Revenue: USD332.5 million, +13.8% year-on-year;
  • Passenger: USD274.4 million, +13.2%;
  • Excess baggage: USD3.4 million, +7.4%;
  • Rooms, food and beverage sales: USD20.9 million, -2.7%;
• Cost of services: USD322.1 million, +25.0%;
  • Fuel: USD155.1 million, +54.6%;
• Operating profit (loss): (USD17.9 million), compared with a loss of USD841,417 in p-c-p;
• Net profit (loss): (USD50.7 million), compared with a loss of USD30.7 million in p-c-p;
• Passenger traffic (RPKs): +9.7%;
• Seat factor: 74.9%, -3.2 ppts;
• Total assets: USD2172 million, +0.8% when compared with the period ended 31-Dec-2010;
• Cash and bank balances: USD76.9 million, +9.7% when compared with the period ended 31-Dec-2010. [more]

* Based on the conversion rate USD1 = PKR84.53

Pakistan International Airlines: "During the second quarter we plan to increase capacity on Kuala Lumpur, New York, Athens, Birmingham, Abu Dhabi and Muscat routes. We are set to continue focussing on the revenue while keeping a watchful eye on surging fuel prices and other costs. Rising fuel cost will have adverse effect on bottom line. It will not only increase operating cost but passenger and cargo traffic may also reduce due to resultant escalation in economic distress. Rising fuel cost may have a negative impact on exchange rate as well. The board and the management are fully aware of the threats and shall continue to undertake appropriate strategies," Ahmed Mukhtar, Chairman. Source: Pakistan International Airlines, 02-May-2011.