KARACHI, Oct 28: Pakistan International Airlines announced a big nine-month loss on Tuesday, blaming a spike in global fuel prices and the sinking value of the rupee.

The flag carrier posted an after-tax loss of Rs38.4 billion for the period ending September 30, compared with Rs10 billion in the same period a year earlier.

Fuel expenditure alone had increased by Rs12.2 billion over the nine months compared with last year, the airline said in a statement.

A further Rs22.8 billion was lost due to the “steep depreciation” of the rupee against the dollar and the need to pay dollar-denominated loans and lease obligations, it added.

“The board observed that if the current downward trend of fuel price continues, the financial position of PIA would improve going forward,” the statement said.

“The airline will work on measures to contain the loss situation and bring about sustainable improvement in the near future that should make PIA a profitable organisation,” a spokesman said.—AFP