The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi.
FORM - 8
CS/PSX/1" QTR /REP/26
May 14, 2026
TRANSMISSION OF OUARTERLY REPORT
FOR THE PERIOD ENDED MARCH 31, 2025
Dear Sir,
We have to inform you that the Quarterly Report of the Company for the period ended March 31, 2025 has been transmitted through PUCARS and is also available on Company's website.
You may please inform the TRE Certificate Holders of the Exchange accordingly.
Yours truly,
Rao Muhammad Imran
Company Secretary
Registered Address: 4" Floor, PIA Building, 49-AKM Fazal-e-Haq Road, Blue Atea, Islamabad
Liaison Office Address: Company Secretary, 1st Floor, Executive Corridor, PIA Head Office, Karachi-Airport
PIA
FIRST QUARTERLY
RE
RThttps://www.piahcl.com.pk
Contents
01
VISION / MISSION
02
CORPORATE PROFILE
03
DIRECTORS' REPORT
04
UNCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
Vision
To manage the entrusted responsibilities efficiently and systematically, with a focus on strong corporate governance. We aim to make informed decisions on financial matters and assets management, in compliance with statutory and regulatory framework, ensuring accountability and excellence.
Mission Integration: Integrating and managing business segments, subsidiaries, and associates alongside their assets and liabilities. Organizational Efficiency: Creating a lean and efficient structure to effectively manage allocated shares, liabilities, including restructured debt stock, SOE payables and subsidiary proceeds. Asset Management: Maintaining and disposing off properties in linewith the established procedures.
1
Shared-services Provision: Providing shared and value-added services to third parties. CORPORATE PROFILE
As at May 08, 2026
BOARD OF DIRECTORS
Mr Tariq Bajwa
Chairman
Lt Gen (Retd) Muhammad Ali HI(M)
Federal Secretary Defence
Mr Imdad Ullah Bosal
Federal Secretary Finance
Mr Shazad Dada Mr Naeem Iqbal Mr Yousaf Khosa
Syed Zibber Mohiuddin
Mr Asad Rasool
Chief Executive Officer
Mr Hammad Shamimi
Federal Secretary Privatisation
BOARD AUDIT & FINANCE COMMITTEE
Mr Shazad Dada Chairman
Mr Imdad Ullah Bosal Member
Syed Zibber Mohiuddin Member
BOARD HR & LEGAL COMMITTEE
Mr Yousaf Khosa Chairman
Mr Naeem Iqbal Member
Mr Asad Rasool Member
Chief Executive Officer
CHIEF EXECUTIVE OFFICER
Mr Asad Rasool
REGULATORY APPOINTEES
Mr Amos Nadeem
Chief Financial Officer
Rao Muhammad Imran
Company Secretary
EXTERNAL AUDITOR
Grant Thornton Anjum Rahman
(Chartered Accountants)
LEGAL ADVISOR
Hafeez Pirzada Farooq, Khan & Mirza (HPFKM)
BANKERS
The Bank of Punjab National Bank of Pakistan
National Bank of Pakistan (Bahrain) MCB Islamic Bank Limited
Bank Islami Pakistan Limited
SHARE REGISTRAR
CDC Shares Registrar Services Limited (CDCSRSL)
CDC House, 99-B, Block-B, Sindhi Muslim Cooperative Housing Society Main Shahrah-e-Faisal, Karachi-74400, Pakistan.
Phone (Toll-Free) 0800-CDCPL (23275) Tel: 0092-21-111111500
Fax 0092-21-34326053
Email: info@cdcsrsl.com Website: https://www.cdcsrsl.com
COMPANY ADDRESSES
Registered Address
Company Secretary - PIAHCL
4th Floor, PIA Building, 49-AKM Fazal-e-Haq Road, Blue Area, Islamabad, Pakistan
Liaison Office Address
Company Secretary - PIAHCL
1st Floor, Executive Corridor, PIA Head Office, Karachi-Airport, Pakistan
SUBSIDIARIES
Pakistan International Airlines Corporation Limited (PIACL)
PIA Investments Limited (PIAIL) Skyrooms (Private) Limited (SRL)
Sabre Travel Network Pakistan (Private) Limited
SECP REGISTRATION CUIN: 0254011
NATIONAL TAX NO
D342499-4
WEBSITE
https://www.piahcl.com.pk
DIRECTORS' REPORTFor the period ended March 31, 2025
The Board of Directors of PIA Holding Company Limited (PIAHCL) is pleased to present the unaudited financial results of the Company for the three months ended 31 March 2025, along with a review of its operations and financial performance. During the period under review, the Company reported a net loss of PKR 13,380.8 million. The loss is primarily attributable to significant finance costs amounting to PKR 12,270.2 million.
Total income for the period stood at PKR 294.9 million, mainly comprising:
Interest income on loans to subsidiaries: PKR 137.8 million
Interest income on bank deposits: PKR 91.5 million
Rental income from investment properties: PKR 39.9 million
Exchange gain: PKR 22.6 million
The Company continues to face pressure on profitability due to its leveraged capital structure. As at 31 March 2025, the Company's total assets stood at PKR 82,995.7 million, compared to PKR 83,442.8 million as at 31 December 2024.
During the period:
Long-term financing increased by approximately PKR 30.4 billion, primarily due to additional government support.
Finance costs remained high due to borrowings linked to KIBOR and SOFR-based rates.
Asad Rasool Chief Executive Officer
Tariq Bajwa Chairman
May 08, 2026
Islamabad
4
STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
STATEMENT OF PROFIT OR LOSS
AS AT MARCH 31, 2025
STATEMENT OF COMPREHENSIVE INCOME
AS AT MARCH 31, 2025
STATEMENT OF CHANGES IN EQUITY
AS AT MARCH 31, 2025
STATEMENT OF CASH FLOWS
AS AT MARCH 31, 2025
NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2025
15
STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
STATEMENT OF PROFIT OR LOSS
AS AT MARCH 31, 2025
STATEMENT OF COMPREHENSIVE INCOME
AS AT MARCH 31, 2025
STATEMENT OF CHANGES IN EQUITY
AS AT MARCH 31, 2025
STATEMENT OF CASH FLOWS
AS AT MARCH 31, 2025
NOTES TO AND FORMING PART OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2025