Abb Takk News

PIA Releases Its Financial Results For FY 202

KARACHI: Pakistan International Airlines (PIA) Sunday released its financial results for FY 2020 as it submitted audited accounts with the Pakistan Stock Exchange (PSX).

According to the airline’s audited financial results for the year 2020, PIA reduced its operational losses from Rs6.130 billion in 2019 to Rs680 million in 2020.

The report shows that PIA achieved revenue of Rs94.989 billion, down from Rs147 billion achieved in 2019, the main reason for which was COVID restrictions affecting all of PIA’s routes, reducing the overall operations by nearly half.

The pandemic which hit the industry in March 2020, saw nearly halting of all the operations, domestic and international for months, which only started to resume partially from July onwards.