PIA revenue shows 12% significance increase in six months

September 25, 2014 Off By Web Desk

KARACHI: PIA steadfastly is continuing on path of recovery as during last six months the revenue increased by Rs 6 billion or 12% to Rs 53.4 billion as against Rs 47.6 billion during the first six months of 2013.

PIA also earned a gross profit of Rs 339 million whereas the decline in operational losses stood at 80% to Rs 2.5 billion and 45% reduction in loss after tax to Rs 10 billion compared with Rs 18.4 billion in the corresponding period of 2013.

This was told in PIA’s 359th Board of Directors meeting which was held at the airlines head office. Chairman PIA Mohammad Ali Gardezi chaired the meeting. Managing Director Shahnawaz Rehman was also present in the meeting.

The Board was informed that during the first six months of 2014, the airline managed to restrict loss to Rs 10.1 billion which is Rs 8.25 billion less as compared to the corresponding period of Year 2013. The main reasons for reduction in loss were due to higher revenue and controlled expenditure.

Board was informed about customer services improvement initiatives and aircraft being inducted as part of future strategy. Issues relating to improve performance and efficiency especially focusing on customer satisfaction were discussed and various recommendations were approved.

The Board appreciated PIA management’s performance in curtailing expenses while emphasizing on further increase in revenues and cost curtailment measures. It reviewed the constraints faced by the airline in particular Aircraft induction, repairs and maintenance and spare parts availability and instructed PIA management to devise a comprehensive future strategy.

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