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Pakistan International Airlines revenue up 6.4%, losses narrow in 2009

1-Apr-2010 11:21 AM

Pakistan International Airlines revenue up 6.4% - financial/traffic highlights for the 12 months ended 31-Dec-2009:

  • Revenue: USD1,129 million, +6.4% year-on-year;
  • Cost of services: USD938.7 million, -7.8%;
    • Fuel: USD374.5 million, -31.6%;
  • Operating profit (loss): (USD48.5 million), compared to a loss of USD377.7 million in the previous corresponding period;
  • Profit (loss) before tax: (USD158.9 million), compared to a loss of USD477.4 million in the previous corresponding period;
  • Net profit (loss): (USD69.5 million), compared to a loss of USD431.5 million in the previous corresponding period;
  • Passenger traffic (RPKs): -0.2%;
  • Seat factor: 70.0%, -1.0 ppt;
  • Passenger yield: +7.0%;
  • Cargo traffic (FTKs): -15.5%;
  • Cargo yield: +7.6%. [more]

*Based on the conversion rate at USD1 = PKR83.76

Pakistan International Airlines: “The major challenges ahead of the Corporation are to regain its market share and profitability through achievement of higher yield, focus on profitable routes, improved revenue management, network optimization, product improvement, focused management and cost-cutting measures. As part of continuous planning process and based on current market outlook, we have reviewed our short term forecasts and a revised strategic plan is being prepared. This plan shall spell-out our future strategies to turnaround the Corporation and would entail appropriate restructuring of our business, our loans and liabilities, and further injection of equity/funds,” Ahmed Mukhtar, Chairman. Source: Pakistan International Airlines, 31-Mar-2010.