Pakistan International Airlines Corporation’s second quarterly reviewed financial results of the corporation for the period ended June 30, 2011

Karachi: 1. We have to inform you that the Board of Directors of PIA in its 334th Meeting held on Saturday, September 24, 2011 at 10:00 A.M. at Karachi recommended the following:

 

(1)Cash DividendNil
(2)Bonus SharesNil
(3)Right SharesNil
(4)Any Other Entitlement / Corporate ActionNil

 

2. The Reviewed Financial Results of the Corporation are being transmitted through fax and a hard copy is being sent through courier.

Unconsolidated Condensed Interim Profit and Loss Account (Un-Audited) for the Six Months Period Ended June 30, 2011

 

Six months period ended

Quarter ended

Six months period ended

June 30,

Juno 30,

June 30,

June 30,

June 30,

June 30,

2011

2010

2011

2010

2011

2010

Note

Rupees in ’000’

US $ in ‘000’

Restated

Restated

Restated

Revenue – net1555,825,23449,306,43829,642,78028,458,844649,508576,683
Cost of Services
Aircraft fuel(29,557,250)(19,468,502)(16,450,347)(10,992,253)(343,889)(227,702)
Others16(24,531,870)(23,238,332)(12,259,022)(11,769,078)(285,420)(271,793)
———-———-———- ———- ——-——-
(54,089,120)(42,706,834)(28,709,369)(22,761,331)(629,309)(499,495)
———-———-———-———-——-——-
Gross Profit1,736,1146,599,604933,4113,697,31320,19977,188
Distribution costs(3,430,735)(3,466,761) (1,826,590)(1,860,203)(39,915)(40,547)
Administrative expenses(3,176,895) (3,334,966) (1,681,129) (1,735,597)(36,962)(39,005)
Other provisions and adjustments17(291,626)(197,009) (237,087)(197,009)(3,393)(2,304)
Exchange loss – net (103,500) (1,505,868)(833,643)(1,826,967)(1,204)(17,612)
Other operating income76,906558,84331,832543,8698956,536
———- ———-———-———-——- ——-
(6,925,850)(7,945,761)(4,546,617) (5,075,907)(80,579)(92,932)
———-———- ———-———-——-——-
Loss from Operations (5,189,736)(1,346,157)(3,613,206)(1,378,594)(60,380) (15,744)
Finance costs18(4,933,748)(4,651,216)(2,530,480) (2,355,772)(57,403) (54,400)
———-———-———-———-——-——-
Loss before Taxation (10,123,484)(5,997,373)(6,152,695)(3,734,366)(117,783) (70,144)
Taxation19(613,927)(499,325)(352,102) (385,088)(7,143)(5,840)
———-———-———-———-——-——-
Loss for the period(10,737,411)(6,496,688)(6,504,797) (4,119,452)(124,926) (75,984)
———- ———- ———-———-——-——-
Earnings per Share – Basic and Diluted

Rupees

US $

Loss attributable to: ‘A’ class ordinary shares

of Rs 10 each

204.022.692.391.680.050.03
———-———-———-———-——-——-
‘B’ class ordinary shares of Rs 5 each202.011.351.20 0.84 0.030.02

 

The annexed notes 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

For more information, contact:
Pakistan International Airlines Corporation
PIA Building
Head Office – Karachi,
Air Port- Pakistan
Tel: 99044850
Fax: 99242310
Website: www.piac.com