LAHORE - PIA management has submitted its business plan to the Board of Directors claiming expected profit of Rs 600 million with projected revenue of Rs 120 billion. A former PIA senior executive while commenting upon the plan said that this was against the basic norms of industry as the benchmark for revenue projections of Rs 60 billion should be before tax profit at least Rs 2.5 billion. In this case the revenue projection is double but the projected profit is Rs 600 million which comes below $8 million. He further said if oil price increases by $1 per barrel the operating cost would increase by $8 millions. This Rs 600 millions estimated profit would be wiped out by few cents increase in the per barrel price of oil. Therefore, the projected forecast is technically erroneous being based on unsound principles. The PIA Board of Directors meeting at Islamabad concluded without giving out details of last quarterly losses for September to December 2008, something which is strikingly odd and against the prevailing practice. The PIA's declared loss for the nine months from January to September 2008 are Rs 38.4 billion out of which the last quarterly declared loss for July to September 2008 was Rs 20.5 billion. The PIA has acquired commercial loans of Rs 60 billion in the period of January to December 2008 at astronomical high rates of interest ranging from 14 to 15 per cent, sources within PIA claimed. The PIA is only making profits on Saudia, Gulf and domestic routes, while all its other operations are running in huge losses. It has lost Rs 860m on New York sector alone which roughly translates to Rs140m per flight per annum. PIA is facing loss on the Pakistan UK sector of Rs. 4527.98 millions whereas its total cost on said sector is Rs. 30288.82millions and revenue of Rs, 25760.84 millions its total number of Flight Frequency 1424 and flying hours 23750.43. When contacted spokesman of the PIA, Muhammad Sultan said that the airline has announced its business plan and it was good omen that its management has fixed its target which shows profit of Rs 600m rather than losses. He said there was no international benchmark to gauge the loss and profit of aviation industry. Sultan was confident about the business plan and said that time will tell the results of the plan. He claimed that PIA earned profit during last quarter of the year 2008 though Board of Directors could not announced it.