KARACHI - PIAs 331st Board of Directors Meeting was held at PIA Head Office, Karachi. Board approved the financial statements for the FY 2010. PIA posted highest revenue in its history despite unfavourable economic and security situation. The total revenue earned was Rs.107.53b which was 13.7pc high as compared to the last year. The gross profit for the year was Rs14.972 billion. While the Corporation has posted a net profit from operations of Rs 720m as compared to a net loss from operations of Rs 3,191 million in the preceding year, the loss before tax amounted to Rs 8,580million compared to Rs 12,434 million during 2009. However, the improvement in operating results was substantially eroded due to significant increase in tax expense amounting to Rs 12,205 million as compared to tax income of Rs 7,486 million in the previous year, resulting in an after tax loss of Rs 20,785 million. Board noted that the deferred tax charge of Rs.11.122 billion has resulted from significant decline in the fair value of aircraft as of December 31, 2010. However, it has no impact on the cash flows of the Corporation. Board decided to hold the next Annual General Meeting on April 30, 2011. The meeting was chaired by Ch Ahmed Mukhtar, Minister for Defence and Chairman-PIA and attended by Nadeem Khan Yousufzai, Managing Director PIA, Syed Naseer Ahmed, Malik Nazir Ahmed, Javed Akhtar, Lt-Gen (Retd) Syed Athar Ali-Federal Secretary Defence, Dr Waqar Masood Khan, Federal Secretary Finance, Husain Lawai and Khawaja Jalaluddin Roomi.