PIA cut operating losses to Rs680m in FY2020-21: economic survey

KARACHI: Pakistan International Airlines (PIA) raked in Rs97.8 billion in the fiscal year 2020-21, according to Pakistan’s Economic Survey 2021.

The national airline’s operating losses were cut to Rs680 million from a whopping Rs7bn, the survey released by Finance Minister Shaukat Tarin the other day revealed.

READ: Pakistan Economic Survey 2020-21

Like all airlines suffering losses due to restrictions brought on by the Covid-19 pandemic, PIA’s flight operations too were affected as scheduled flight operations to most of the parts of the country and the globe remained suspended, it said.

However, the national flag carrier operated special flights to facilitate stranded Pakistanis abroad.

In 2020, the survey said, the number of Pakistan International Airlines (PIA) aircraft decreased but its routes increased with its seat factor coming down to 74 per cent from 81 per cent.

READ: PIA postpones launch of ‘Sadpara Air Safari’ service

Besides, it added, the airline improved governance and focused on discipline by taking action against employees with disciplinary issues and plugging in loopholes by better internal controls.

Pakistan International Airlines (PIA) also brought in Voluntary Separation Scheme (VSS) to cut operating cost in addition to reducing salaries for six months with a resultant saving of Rs 770 million.