ISLAMABAD - Pakistan International Airlines Chairman Asif Yasin Malik on Wednesday said that PIA would have a new look by April-2015, as it would start replacing some of its fleet and revamp present planes as well as evaluate existing routes and would open new destinations by expanding its network.

This he said while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI). Senator Mohsin Gilani, Ali Abbas, Faisal Mushtaq and Agha Ali Akhtar Pathan were also present on the occasion.

He said that 54pc of PIA’s revenue spent on fuel while establishment cost is 12-14pc. However, PIA has been operating in profit since October 2012 and as a result its shares in stock exchange market have increased by 26pc.

He said that 12 planes have been taken on lease because of higher average age of existing planes.

Chairman further informed that under PIA Revival Plan each operational area and department is under study and soon major decisions would be in place to obtain greater potential needed for the turnaround of the airline. Wrong aircraft for the wrong destination was the main reason of incurring losses but PIA would have a new look by April-2015, Chairman added.

Speaking on the occasion, Zafar Bakhtawari, President ICCI said that PIA should reduce its fuel cost through fuel efficiencies, capacity/route rationaliSation and deployment of suitable aircraft for the routes and proper maintenance.

He said that most of the economic issues of our economy would be solved if PIA would start working efficiently as PIA losses had increased to Rs.150 billion while Rs.600billion were the accumulated losses of other Public Sector Enterprises that were more than our defense budget of Rs.545 billion which need to be monitor by adopting good governance.

ICCI President said that PIA should conduct a study to increase its destinations and initiate direct flights to those destinations which are potential market for Pakistani products that would ultimately help our country to get rid of isolation.