Pakistan International Airlines loses USD234 million in 1H08
For the first six months of 2008, Pakistan International Airlines (PIA) has posted a loss of USD234 million, representing a 133% increase year-on-year. 1H08 revenues stood at USD481 million up 8.8% over 1H07. PIA stated the increase in loss was due to massive provisions, which had to be made in 2Q08. According to Managing Director, Aijaz Haroon, "PIA is involved in some disputes which the past management had not shown as a liability". A 24% depreciation of the Rupee against the USD and a 38% increase in fuel costs also had a significant impact on the carrier's results.
Become a CAPA Member to access Analysis Reports
Our Analysis Reports are only available to CAPA Members. CAPA Membership provides exclusive access to in-depth insights on the latest developments in the aviation and travel industry, developed by our team of dedicated analysts located in Europe, North America, Asia and Australia.
Each report offers a fresh perspective on the latest industry trends and is available online or via the CAPA mobile app, with customisable alerts to help you stay informed and identify new business opportunities.
CAPA Membership also provides access to our full suite of tools, including a tailored selection of more than 1,000 News Briefs every week and comprehensive data and analysis on thousands of companies around the world.