Pakistan International Airlines (PIA) has released its financial results for the fiscal year 2024 to the Pakistan Stock Exchange (PSX), revealing a mixed performance marked by declining revenues but significant reductions in losses and operational costs.
According to the report, the company posted a net profit of Rs. 26.2 billion, compared to a staggering loss of Rs. 104.5 billion in the previous year.
PIA’s total revenue fell by 14.7 percent to Rs 204 billion in FY2024, down from Rs 237 billion in FY2023.
Passenger revenue, which remained the airline’s primary source of income, dropped by 14.62 percent to Rs 184 billion, compared to Rs 215.53 billion last year.
However, the cargo division recorded a 25.15 percent increase, generating Rs. 10.6 billion in revenue.
On the expenditure side, the airline benefited from a sharp decline in costs.
The report added that fuel expenses dropped by 22.9 percent to Rs. 75.5 billion, compared to Rs. 98.6 billion a year earlier.
Overall operating expenses declined by 18.8 percent to Rs. 16.7 billion.
Meanwhile, foreign exchange losses fell by 90 percent to Rs. 2.3 billion, while interest expenses decreased by 87.3 percent to Rs. 10 billion, providing significant financial relief.
Despite the turnaround at the company level, the consolidated results showed that the PIA Group recorded an overall loss of Rs. 15.3 billion.
This was primarily due to the performance of PIA Holding Company, which posted a loss of Rs. 47.5 billion, in contrast to the profitability of PIA Company Limited, which managed to secure Rs. 26.2 billion in net earnings.