PIA’s accumulated loss reaches to Rs 83.3 billion

ISLAMABAD, Oct 5 (APP): The accumulative losses of PIA amount to Rs. 83.3 billion, while the amount of net losses faced by the corporation are Rs. 79.03 billion, a news release issued by PIA here on Tuesday said. “The losses are dated up to 30th June of current fiscal year 2010. During the first six months of 2010, PIA has faced Rs. 6.9 billion losses.”

The amount of loss due to rupee depreciation stood at Rs.  1.56 billion and the financial cost was Rs. 4.6 billion in the first six months of 2010, Rs. 55.7 billion was the expenditure of the airline during January -June 2010 which includes the financial cost as well.
A news report carried by a section of the press on September 28, stated that the airline faces Rs. 40 billion losses in the fiscal year 2009 but the loss faced by the airline in 2009 was Rs. 5.82 billion. The accumulated losses in 2009 were Rs. 76 billion. The revenue was Rs. 94.4 billion but expenditures were not Rs. 134 billion but the actual amount of expenditures during the year 2009 was Rs. 107.8 billion which includes the financial cost. Rupee depreciation caused Rs. 6.7 billion loss to the airline in the fiscal year 2009 – App