LAHORE - Half-yearly accounts of PIA for January to June 2010, signed by auditors AF Ferguson and Yousuf Adil Saleem, have declared in their report available on PIA official website that The Corporation incurred a net loss of Rs 6.901 billion resulting in accumulated losses of Rs83.333 billion as of June 30, 2010, and as of that date the Corporations current liabilities exceed its current assets by Rs 55.832 billion. These conditions indicate the existence of a material uncertainty which may cast doubt about the Corporations ability to continue as a going concern. It is worth mentioning that PIA has declared an un-audited loss of Rs4.794 billion in the third quarter July to Sept of 2010 as compared to the second quarter loss of Rs4.372 billion. Total losses as on 30 Sept 2010 have skyrocketed to a staggering Rs 88.006 billion, while total equity and liabilities as of 30 Sept 2010 are Rs207.76 Billion. The losses in the first 9 months of 2010 alone accounted for R .11.02 billion. Salary and wages for 9 months of 2010 have risen to Rs 7.225 billion as compared to Rs 6.310 in first 9 months of 2009. Stores and spares consumed Rs2.169 billion in the first 9 months of 2010 as compared to Rs 1.53 billion in the corresponding period of 2009. The landing and handling cost has also risen sharply from Rs 7.430 billion to Rs 8.518 Billion, while Jet fuel prices have decreased from Rs194.2 million in second quarter of 2010 to Rs191.63 billion in third quarter of 2010. Operating revenue in third quarter of 2010 is Rs 25.053 billion as compared to operating cost of Rs27.003 billion. Seat factor in the third quarter registered a decline to 74.46 percent from 78.13 percent in 1st quarter of 2010. PIA owes CAA Rs4.146 billion and it owes FBR excise duty arrears of Rs2.923 billion. Capt Aijaz Haroon took over PIA in 2008, when the accumulated losses on March 31, 2008 were Rs42.416 billion. These accumulated losses rose to Rs 54.634 billion as on June 30, 2008. The half yearly accumulated losses for period January to 30 June 2010 after tax deduction this year stood at Rs 6.901 billion as compared to Rs3.346 billion half yearly loss in 2009 during Jan to June of that year. Total equity and liabilities are Rs 158.139 billion. Independent aviation industry analysts are shocked at the conclusions made by PIA auditors, which amounts to declaring the airline almost insolvent, remarks that auditors rarely make unless compelled by circumstances and they foresee an imminent collapse with no hopes for recovery.