Pakistan International Airlines Corporation is struggling to keep the head over waters as the losses made by the company is at the increase.
Last year PIA has incurred a net loss of $433 million and the previous year $310 million. The revenue also has decreased by 2 pc from the previous year. Financial figures for First three months of 2017 too recorded a net loss of $105 million.
The situation is definitely a threat for the stake holders and concern for the investors who have to wait till the confirmation of the accounts by the auditors regarding the current state of balances. The total assets at the end of 2016 was $1 billion.
What puzzles the stake holders is a disproportionate amount of $192 million for the first quarter and year before $173 million shown under other costs without explanation.
Whatever happens, the Government, which is the major shareholder of the company is determined to render support to maintain the company as a going concern. The company also asserted that it has been taking measures to lift the airline off the ground.
PIA is also in the process of ordering more aircraft on dry lease to the existing fleet of 36, so that expansion become viable.