PIA reports record earning in 2010

Pakistan International Airlines (PIA) has claimed to post a revenue of Rs 107.53 billion, the highest in its history despite unfavorable economic and security situation during the financial year 2010.

The total revenue earned is 13.7 % higher than last year. The gross profit for the year was Rs 14.972 billion, while the net profit from operations touched Rs 720 million as compared to a net loss from operations of Rs 3.191 billion in the preceding year.

According to PIA here Monday, these financial results were approved by the 331st Board of Directors meeting held at PIA Head Office.

The loss before tax amounted to Rs 8.580 billion compared to Rs 12.434 billion during 2009. However, the improvement in operating results was substantially eroded due to significant increase in tax expense amounting to Rs 12.205 billion as compared to tax income of Rs 7.486 billion in the previous year, resulting in an after tax loss of Rs 20.785 million.

The meeting chaired by Defence Minister and chairman-PIA, Ch. Ahmed Mukhtar, noted that the deferred tax charge of Rs 11.122 billion has resulted from significant decline in the fair value of aircraft as of December 31, 2010. However, it has no impact on the cash flows of the Corporation.

The board decided to hold the next Annual General Meeting on April 30, 2011.

Nadeem Khan Yousufzai, Managing Director PIA, Syed Naseer Ahmed, Malik Nazir Ahmed, Javed Akhtar, Lt. Gen. (Retd.) Syed Athar Ali-Federal Secretary Defence, Dr Waqar Masood Khan -Federal Secretary Finance, Husain Lawai and Khawaja Jalaluddin Roomi attended the meeting.