Pakistan International Airlines reports $51 million loss

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

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.

About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

Share to...