PIA posted 42pc jump in revenues despite COVID-19: CEO
ISLAMABAD: The Pakistan International Airline (PIA) officials briefed the federal cabinet meeting on Tuesday, chaired by the Prime Minister Imran Khan, over the performance and prospects of the national flag carrier on Tuesday, ARY News reported.
Expanding on the subject, the CEO of PIA Air Marshal Arshad Malik said that it was after a long time that PIA has posted profits.
Malik stated the figures substantiating his briefing to the federal cabinet that PIA recorded a 42 per cent hike in its revenues and a total profit of Rs7 billion.
He said that revenues and profits actually followed the revival and maintenance of grounded planes and the rule of discipline within the institution.
The CEO and the president Malik further said that following the outbreak of the global pandemic, the flight operations plummeted by 70 per cent.
On the future prospects of the institution, he said that tough decisions are necessary and impending for a better outcome.
Arshad Malik also told the federal cabinet that about 10 of its planes are due for the end of their lease and stressed that the flag carrier requires about $250 to -300 million to steer clear of the crisis.
He claimed that replacing the aircraft with new ones is the need of the hour for better prospects of PIA.
On the conclusion of PIA briefing, the PM expressed satisfaction with national flag carrier’s performance and noted that in the leadership of Air Marshal Malik, the airline was on its trajectory to success.