KARACHI: The audited accounts of Pakistan International Airlines (PIA) for the year 2017 were approved in its second Annual General Meeting (AGM) of shareholders here on Saturday.
The approval for selection of external auditors for the year 2018 was also accorded at the AGM, chaired by CEO PIA, Air Marshal Arshad Malik, said a press release of PIA issued here.
The AGM was informed that PIA in 2017 earned annual revenue of around Rs 91 billion whereas the airline incurred loss before tax Rs 46 billion. The major reasons were the 14% increase in fuel cost and 16 percent increase was witnessed in the administrative expenses.
Air Marshal Arshad Malik while addressing the shareholders said that after lot of untirung efforts now the airline is on the path of recovery however, it will take some time to make it profitable.
He said that presently the operational status of PIA fleet is satisfactory and better than 2017. The airline's hajj operation is going on with great success.
The CEO said that delay in audited accounts for the year 2017 was an administrative failure of previous managements but we have to move forward.
He said that complaints and suggestions of shareholders will get due consideration.
Secretary Board of Directors Muhammad Shuaib, Chief Financial Officer Khalil Ullah Sheikh were also present.
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