Pakistan International Airlines (PIA) steadfastly is continuing on the path of recovery, as in the last six months revenue of the national flag carrier increased by Rs 6 billion or 12 percent to Rs 53.4 billion against Rs 47.6 billion earned in the first six months of 2013.
PIA also earned a gross profit of Rs 339m whereas the decline in operational losses stood at 80 percent to Rs 2.5 billion and 45 percent reduction in loss after tax to Rs 10 billion when compared with Rs 18.4 billion in the corresponding period of 2013. This was informed in the 359th Board of Directors meeting of PIA, which held at the airlines' Head office. Chairman PIA Muhammad Ali Gardezi chaired the meeting, which was also attended by Managing Director Shahnawaz Rehman.
The Board was informed that during the first six months of 2014, the airline managed to restrict losses to 10.1 billion which is Rs 8.25 billion less as compared to the corresponding period of 2013. The main reasons for reduction in loss were higher revenue and controlled expenditures.
The Board was also informed about customer services improvement initiatives and aircraft being inducted as part of future strategy. Issues relating to improving 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 emphasising on further increase in revenues and cost curtailment measures. The Board 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.-PR
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