PIA records 77pc decline in loss in first quarter of 2014

KARACHI: PIA attains operating profit of Rs 1.67 billion for the first quarter i.e. January 1 to March 31, 2014 as against a loss of Rs 5.65 billion of corresponding period of last year (2013).

The airline attained this operating profit after a period of four years.

This was declared in PIA’s 356th Board of Directors meeting held at the airlines Head Office, said a press release issued here on Tuesday.

The meeting was chaired by Secretary Aviation and Chairman PIA, Muhammad Ali Gardezi. Managing Director PIA, Muhammad Juniad Yunus was also present at the meeting.

According to the results of first quarter 2014, the total revenue stood at Rs 28.0 billion as against Rs 25 billion of 2013. However, the net loss after paying financial costs and taxation stood at Rs 1.98 billion as against Rs 8.62 billion in the year 2013 which shows a remarkable decline of almost 77 percent in losses. The loss per share has dropped from Rs 2.86 to Rs 0.56.

The Board of Directors approved the financial results for the period January 1 to March 31, 2014.

The Board appreciated the performance of PIA and the efforts of Shujaat Azeem, Special Assistant to Prime Minister on Aviation and Chairman PIA for the revival of the airline.

Source: APP