Lahore - PIA during last six months has earned revenue increased by Rs6 billion or 12pc to Rs53.4 billion as against Rs47.6 billion during the first six months of 2013. PIA also earned a gross profit of Rs339m whereas the decline in operational losses stood at 80pc to Rs2.5 billion and 45pc reduction in loss after tax to Rs10 billion compared with Rs18.4 billion in the corresponding period of 2013.
This was told in PIA’s 359th Board of Directors meeting held at the airlines office. Chairman PIA Muhammad Ali Gardezi chaired the meeting. Managing Director Shahnawaz Rehman was also present in the meeting.
The Board was informed that during the first six months of 2014, the airline managed to restrict loss to Rs10.1 billion which is Rs 8.25 billion less as compared to the corresponding period of Year 2013. The main reasons for reduction in loss were due to higher revenue and controlled expenditure.
Board was informed about customer services improvement initiatives and aircraft being inducted as part of future strategy. Issues relating to improve performance and efficiency especially focusing on customer satisfaction were discussed and various recommendations were approved.
The Board appreciated PIA management’s performance in curtailing expenses while emphasising on further increase in revenues and cost curtailment measures. The Board reviewed the constraints faced by the airline in particular aircraft induction, repairs and maintenance and spare parts availability and instructed PIA management to devise a comprehensive future strategy.