PIA losses up to Rs2.52b; BoD satisfied

KARACHI (APP) - Pakistan International Airlines (PIA) has reported a higher loss after tax of Rs 2.529 billion for the quarter ending March 31, 2010. According to financial results of the national carrier despatched to Karachi Stock Exchange here Thursday, the loss per share also climbed to Rs 1.18 compared to Rs 0.96 in 2009. Staff Reporter: Board of the Directors of Pakistan International Airlines (PIA) at the 325th meeting here Thursday expressed satisfaction over the profit earned by the Airlines this year. The meeting observed that PIA was able to improve its revenue generation from its deployed capacity despite a global slowdown in airline market. The Board also approved the financial results for first quarter January-March. 2010. It was also discussed that the gross profit for the period was Rs 2.763 billion and PIA earned revenue of Rs 22.848 billion that was 7.5 percent high as compared to that earned during the same quarter last year. Board also noted that the seat factor during the period was the highs, during the last 25 years despite an economic recession. Board directed the management to undertake cost cutting and revenue enhancement measures to improve the bottom line after taking the serious note that the rate of increase in costs was higher than the corresponding rate of increase in the revenues during the period. Taking cognizance of the fact the salary increases has been made, contractual employees regularized and allowances rationalized, the board felt confident the unions and associations will be supportive of the cost cutting measures.