PIA narrows Q3 losses on foreign exchange gains

Singapore
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Pakistan International Airlines narrowed its third quarter losses compared to a year before due to lower foreign exchange losses.

The carrier lost 5.38 billion Pakistani rupees ($64.5 million) in the three months to 30 September, down from a loss of 20.4 billion rupees a year before. Revenues fell to 22 billion rupees from 22.8 billion rupees, says PIA.

For the nine months to 30 September, the carrier lost 10.8 billion rupees. This is 71% lower than the losses of 38.4 billon rupees that it reported a year before. Sales for the year rose by 6% to 63.9 billion rupees.

PIA's fuel costs fell by 39% to 20.55 billion rupees in the first nine months of 2009, while its exchange rate losses were 77% lower at 5.28 billion rupees.