KARACHI: Pakistan International Airline (PIA) shareholders meeting was held at Karachi on Saturday. CEO PIA, AVM Amir Hayat addressed the shareholders present. The meeting was attended by PIA Chief Financial Officer Amos Nadeem, Department Chiefs, and senior management officials at PIA Training Centre Auditorium. Shareholders also attended the meeting via video link.
PIA generated total revenue of PKR 172 billion in the year 2022 which as compared to previous financial year is nearly 100 percent increase. He said that PIA management sees a positive outlook ahead based on the present scenario with rise in travel demand.
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However, we are still faced with the challenge of US dollar and Pakistani rupee devaluation which has been one of the main constraints in the present scenario. PIA managed to reduce the gross loss from PKR 8.5 billion in the year 2021 to PKR 4.1 billion in the year 2022. Aircraft fuel cost remained high during the year 2022 and was 30 percent of total cost.
The Net loss increased to PKR 88 billion in the year 2022, main reasons were because of devaluation of Pakistan Rupee and extra ordinary increase in interest rate.
CEO PIA said that the Covid-19 pandemic had affected nearly all businesses including aviation industry world over, now after the decline of the pandemic; all businesses and the airline Industry in particular is gaining momentum and PIA has also shown positive improvements.
As for the year 2022, he said that PIA in mid year 2022 cleared EASA online audit and is hopeful that after successful audit of our airline regulator, PIA may get permission for operating flights to UK and Europe.
He said that in the year 2022, partnership arrangement between PIA and Turkish Airlines was made i.e. a code share arrangement which now provides access to 28 destinations in Europe, United Kingdom and America. PIA now operates flights to Istanbul with a stopover in Istanbul and then onward flights with Turkish Airlines.
With regards to Improvements in service standards, PIA added variety in food menu while in-flight entertainment system will be made accessible for passengers soon.
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PIA Hajj operation 2023 is presently being conducted and this year 65,000 intending pilgrims are being transported to Saudi Arabia through Hajj and regular scheduled flights. PIA is operating these flights with high punctuality and regularity. The airline’s pre- Hajj operation will conclude on 22 June while post Hajj Operation will commence from 2 July and conclude on 2 August 2023.
AVM Amir Hayat said that the is making all out efforts for its betterment, even though PIA facing economic turbulences and grave financial challenges, yet afloat by focusing on critical service elements and restructuring flight schedule. He said that under the guidance of Ministry of Aviation PIA has started work on the Business transformation and restructuring for financial viability.
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CEO PIA, AVM Amir Hayat said that PIA team is vigorously working for the betterment of the airline; we will gradually recover and attain new heights for the benefit of our shareholders and customers. Towards the end of the meeting Shareholders expressed their satisfaction on the performance of PIA keeping in view the constraints faced.