With a 76 percent reduction in operating losses, Pakistan International Airlines (PIA) has reported 43 percent growth in revenue for 2019.
According to details, PIA announced its financial results for the year 2019 after approval by its board of directors.
PIA earned Rs147.5 billion in 2019 compared to Rs103.5 billion in 2018, showing a 43 percent growth in a single year.
In addition, the national flag carrier also succeeded in reducing its operating losses by 76 percent compared to last year's.
The loss before interest and taxation was also reduced by 59 percent as compared to 2018.
For the first time in the last eight years, PIA has been able to achieve a gross profit of Rs7.8 billion versus a gross loss of Rs19.7 billion in 2018, PIA said.
The salient features of the financial results for the year 2019 are attributed mainly to routes optimization and fares rationalization, enhancement of ancillary revenue by double digits while undertaking stringent cost discipline in all aspects of the business.
Grounded aircraft were made airworthy again while managing a steady supply chain for spare parts and other inventory for maintenance and upkeep of the aircraft was also a hallmark of 2019 performance. Additionally PIA serviced more than 19 billion of its loans in 2019.
PIA seat factor in 2019 was remarkable, and it stood at 81 percent, witnessing an improvement of 4 percentage points as compared to 2018.
Sharing his views on the completion and submission of financial results for the year 2019, PIA CEO Air Marshal Arshad Malik appreciated PIA employees and their contribution towards these noteworthy results.
He specially appreciated the efforts of the finance team for completion of the financial audits for three years and in particular the audit results for the year 2019.
He also thanked Prime Minister Imran Khan and Minister for Aviation Ghulam Sarwar Khan for their support to PIA. The CEO said that the current year was a very challenging year for the aviation industry keeping in view the Covid-19 pandemic.
He said that extra efforts would be required and tough decisions would be taken for the betterment of the airline.
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