PIA gets operating profit of Rs1.67bn

Karachi: Pakistan International Airlines PIA has attained operating profit of PKR 1.67 billion rupees for the first quarter i.e. January 1- March 31, 2014 as against a loss of PKR 5.65 billion of corresponding period of last year (2013). The airline has attained operating profit for the first quarter January 1- March 31, 2014 after a period of four years.

This was declared in PIA’s 356th Board of Directors’ meeting held at the airline’s Head Office. The meeting was chaired by Secretary Aviation and Chairman PIA, Muhammad Ali Gardezi. Managing Director PIA, Muhammad Juniad Yunus was also present at the meeting.

According to the results of first quarter 2014, the total revenue stood at PKR 28.0 billion as against PKR 25 billion of 2013. However, the Net loss after paying financial costs and taxation stood at PKR 1.98 billion as against PKR 8.62 billion in the year 2013 which shows a remarkable decline of almost 77 percent in losses. The loss per share has dropped from PKR 2.86 to PKR 0.56.

The Board of Directors approved the financial results for the period January 1 – March 31, 2014. The Board appreciated the performance of PIA and the efforts of Shujaat Azeem, Special Assistant to Prime Minister on Aviation and Chairman PIA for the revival of the airline.

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