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 Dividend Nil
(2) Bonus Shares Nil
(3) Right Shares Nil
(4) Any Other Entitlement / Corporate Action Nil

 

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 – net 15 55,825,234 49,306,438 29,642,780 28,458,844 649,508 576,683
Cost of Services
Aircraft fuel (29,557,250) (19,468,502) (16,450,347) (10,992,253) (343,889) (227,702)
Others 16 (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 Profit 1,736,114 6,599,604 933,411 3,697,313 20,199 77,188
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 adjustments 17 (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 income 76,906 558,843 31,832 543,869 895 6,536
———-  ———- ———- ———- ——-  ——-
(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 costs 18 (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)
Taxation 19 (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

20 4.02 2.69 2.39 1.68 0.05 0.03
———- ———- ———- ———- ——- ——-
‘B’ class ordinary shares of Rs 5 each 20 2.01 1.35 1.20  0.84  0.03 0.02

 

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

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