PIA holding’s half-year loss widens 76% to Rs25bn

According to Mettis Global, the consolidated net loss of PIA Holding Company Limited (PSX: PIAHCLA) widened 76% to Rs25.39bn for the six months to June 30. That compares with a loss of Rs14.43bn in the same period last year. Loss per share on A class shares rose to Rs4.85 from Rs2.78, while B class losses moved up to Rs2.43 from Rs1.39.

Net revenue shrank 89% to Rs25.71bn from Rs239.65bn, with no aircraft fuel cost recorded this time compared with Rs75.59bn previously. Other costs fell 92% to Rs9.32bn, which left gross profit 68% lower at Rs16.39bn. Other income climbed to Rs18.03bn from Rs4.20bn, and profit from operations stood at Rs17.36bn, 13% below the prior figure of Rs19.98bn.

The tax line was the main reason the bottom line deteriorated, moving from a Rs30.18bn credit to a Rs5.11bn charge. Discontinued activities contributed Rs18.45bn, and the pre-tax loss narrowed 55% to Rs20.28bn, but neither could offset that swing. Finance cost of Rs53.65bn remained the largest burden on earnings.