KARACHI, Oct 26: The current year July-September accounts of P1AC presented before the Board of directors at its 282nd meeting held here on Tuesday declaring an after-tax loss of Rs386 million.

According to the financial statements for the 3rd quarter ended September 30, presented to the PIAC Board, the fuel prices were at Rs74.81 per US gallon during July-September this year.

The airline experienced a major impact of this fuel price increase when it had to absorb an additional cost of Rs1,964 million during the 3rd quarter of the on-going year as compared to last year's third quarter.

Apart from the fuel hit, PIA also had to absorb the exchange rate impact due to currency devaluation which was around Rs460 million during the quarter.

During this third quarter the passenger traffic was up by 15.4 per cent while cargo traffic was up by 16.6 per cent over last year. Passenger yield during this was up by 14 per cent. The airline was thus able to contain loss to an after tax loss of Rs386 million during July-September 2004.

The January-September accounts of PIAC were also presented to the Board. These state an after tax profit of Rs1,013 million. The Board was informed that this profit is after absorbing an additional fuel bill of Rs3,657 million and the impact of rupee devaluation to the extent of Rs705 million over the corresponding period last year.

The Board was apprised that during this period the airline recorded 14.2pc growth in terms of passenger traffic and 9.5 per cent increase in terms of cargo.-APP