Pakistan International Airlines continues to receive Government cash injections

The Pakistan Government, as the majority shareholder of Pakistan International Airlines (PIA), continues to support the carrier it reports further losses. In 3Q2009, the government agreed to provide another equity contribution to PIA to cover interest payments on its significant debts. An amount of USD128.7 million has been provided to the carrier as at 30-Sep-2009, against 887 million ‘A’ class ordinary shares of PKR10 (USD0.12) issued to the government. Another 186 million ordinary shares are expected to be issued during the current year. [1110 words]

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This report contains the following subheadings:

• Narrows losses for nine months ended 30-Sep-2009
• Quarterly losses escalate
• Focus to pick up passenger revenues
• Outlook: Increasing revenue and reducing loan costs are challenges to profitability

This report contains the following charts and tables:

• Pakistan International Airlines financial highlights for nine months ended 30-Sep-2009
• Pakistan International Airlines revenue breakdown for nine months ended 30-Sep-09
• Pakistan International Airlines financial highlights for three months ended 30-Sep-2009
• Pakistan International Airlines traffic highlights: Three months ended 30-Sep-2009