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.

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