The first Annual General Meeting of PIACL was held on Saturday. Chairman PIACL, Muhammad Irfan Elahi addressed the shareholders of the airline. He said that PIA is going through financial and fleet constraints which are hampering its performance but nevertheless the airline is taking all possible initiatives which certainly will bear fruit. To arrest its losses the airline has taken effective steps towards cost cutting and revenue maximization.
Chairman PIACL thanked Sardar Mehtab Ahmad Khan Abbasi, Adviser to the Prime Minister on Aviation for his untiring efforts and support for the airline's revival. Irfan Elahi said that all efforts are being made to increase revenue and curtail unnecessary expenditures. A structured programme of fleet modernization is being carried out. During 2016, PIA had expanded its international as well as domestic network. PIA is successfully implementing Enterprise Resource Planning.
Elahi informed the shareholders that the Annual Accounts for FY 2016 could not be finalized mainly due to conversion of PIAC into PIACL and an exercise undertaken to bring a change in the accounting policy by shifting from cost value model to fair value model.
These reasons delayed the finalization of Annual Accounts of FY 2015 which rolled over a delay in finalization of subsequent accounts.-PR
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