 "Pakistan flag")
Pakistan's cash-strapped national carrier PIA is expected to suffer a loss of Rs 112 billion this year and running the airline on a public-private partnership model is the only solution to turn it into a profitable organisation, its CEO has said.
During a press briefing, Pakistan International Airlines' CEO Air Vice Marshal Amir Hayat pointed out that the national carrier sustained a total loss of Rs80 billion in 2022 because of old loans and interest payments, the Express Tribune reported.
He said that the PIA had a debt of Rs 742 billion passed on to its current management.
Hayat warned that if the airline was not restructured, its annual loss would reach Rs 259 billion (USD 900667) in 2030.
We have drawn up a roadmap for this purpose, he said.
He maintained that running the PIA on a public-private partnership basis was the only solution to turn the airline into a profitable and international standard organisation.
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The PIA CEO claimed that maximum reforms had been made in the airline's operations.
He added that four modern Airbus 320 aircraft were acquired and two long-standing Boeing 777 planes refurbished.
The ailing national carrier suffered a loss of Rs 38 billion in the first three months of this year, 171 per cent more than the corresponding period in 2022, according to a media report.
During the first three months of the ongoing year, the national carrier only managed to earn Rs 61 billion. It suffered a loss of Rs 21 billion because of the appreciation of the dollar against the rupee. The rising oil prices and interest rates also played a role in PIA's mounting losses.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
