PIA Reports Initial Annual Profit Since 2003
With a net income of Rs 2.26 billion for the fiscal year 2024, Pakistan International Airlines (PIA) has had its first profitable year in more than two decades. With an outstanding operating margin surpassing 12 percent, the airline also revealed an operational profit of Rs 3.9 billion, ranking it among topperforming worldwide carriers.
most important forces behind a turnaround:
This amazing change results from governmental supervision of strategic reforms. Principal actions consisted:
Reducing personnel and slashing operational expenses.
Focusing on those profitable routes; eliminating lossmaking ones
Reorganizing the balance sheet to boost financial health
Government’s Posture:
Emphasizing that the financial recovery of PIA strengthens its standing and adds positively to the country’s economy, Defense Minister Khawaja Asif said this. He also mentioned that this success underpins revived attempts of privatization.
Proposal for Privatization:
Follow a failed private sale bid in 2024 due to lack of interest, the government moved almost 80% of PIA’s legacy debt to state accounts. Together with operational changes, this step is designed to draw astute investors.
A different chapter for PIA:
PIA’s profitability now suggests a new age after once suffering financial catastrophes, stopped flights, and grounded airplanes owing to outstanding bills. Ahead of the new privatization effort of the national carrier by the government, the strong performance of the airline has restored hope.
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