The Parliamentary Secretary for Defence, Major Tanveer Hussain Syed (retd), has said the Civil Aviation Authority (CAA) will generate record revenue of Rs 10.2 billion in 2006.
He said the Authority had achieved remarkable progress in terms of revenue generation as its surplus had been raised from Rs 3 million in 2003 to Rs 8.55 million in 2004, Rs 2.4 billion in 2005 and Rs 4.6 billion in 2006.
In a statement here, he said the expenditures of the CAA for the current year were Rs 5.5 billion while its net surplus would be Rs 4.6 billion in the same year which would be a great leap forward in CAA's history.
About the financial health of the CAA, the parliamentary secretary said that earlier its financial condition was hardly satisfactory as was evident from its previous years financial performance. He sated that in 2003, the Authority generated a meagre surplus of Rs 3 million, but its current surplus revenue touched the figure of Rs 4.6 billion.
This significant financial achievement was the outcome of efficient financial management programme introduced by the present leadership of the Authority. Regarding the financial liabilities of the CAA, Tanveer Hussain said it had paid off all its loans (Rs 5.6 billion) and the liabilities were reduced to Rs 3.2 billion only from Rs 10.7 billion in 2003.
He went on to say that Rs 4 billion would be available during budget year 2007 to finance the development plans. He appreciated the excellent performance shown by the CAA and expressed optimism that the Authority would further increase its revenue in 2007.
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