Tuesday, 18 May 2021, 01:21:26 am
PIA releases its financial results for FY 2020
April 13, 2021

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

According to the airline’s audited financial results for the year 2020, PIA reduced its operational losses from 6.130 billion rupees in 2019 to 680 million rupees in 2020.

The report shows that PIA achieved revenue of 94.989 billion rupees, down from 147 billion rupees 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.