Pakistan International Airlines (PIA) has narrowed its third quarter net loss by 64.3% to Pakistani rupees (PRs) 2.92 billion ($30.1 million) from PRs8.18 billion a year earlier.
This was a result of a lower foreign exchange loss.
The airline also narrowed its loss before tax to PRs2.64 billion for the period ended 30 September, from PRs7.68 billion in the same period last year.
Revenue increased by 2.32% to PRs31.4 billion during the quarter, says PIA. The carrier swung to an operating profit of PRs601 million, from a net loss of PRs5.08 billion a year ago.
The carrier's fuel costs for the quarter fell to PRs14.9 billion from PRs 15.8 billion, while its exchange rate loss narrowed to PRs300 million from PRs1.36 billion a year ago.
For the nine-month period ended 30 September, the carrier widened its net loss to PRs20.4 billion from PRs18.4 billion a year ago. Its sales figure for the first three quarters stood at PRs91.1 billion.
The carrier also widened both its loss before tax and operating loss for the period to PRs19.8 billion and PRs10.8 billion respectively.
PIA has reported aircraft fuel costs of PRs45.1 billion for the nine-month period and it widened it exchange rate loss to PRs4.65 billion from PRs1.46 billion a year ago.
PIA says it faces challenges such as the depreciation of the Pakistan rupee, rising fuel costs, poor security situation in the country and increasing competition from regional and global airlines.