PIA Loss Widens

Pakistan International Airlines reports $51 million loss

Image via pakistantravelagents.co.uk

Pakistan International Airlines Corp., the nation’s largest carrier, posted a wider loss in the second quarter after fuel costs rose.

The net loss was 4.37 billion rupees ($51 million), or 1.79 rupees a share, in the three months ended June 30, widening from 3.35 billion rupees, or 1.56 rupees, a year earlier, the Karachi-based company said in a statement today. Revenue increased to 26.5 billion rupees from 20.7 billion.

Pakistan International said it spent 10.9 billion rupees on fuel during the quarter, 74 percent more than a year earlier. The price of jet fuel in the Middle East rose 35 percent to an average of $87.22 a barrel in the three-month period, from $64.84 the year before, according to data compiled by Bloomberg.

Pakistan International fell 1.8 percent to 2.20 rupees as of 1:26 p.m. on the Karachi Stock Exchange, while the benchmark Karachi Stock Exchange 100 Index rose 0.3 percent. The shares have fallen 16 percent this year.

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