Latest news with #Rs5.01
Express Tribune
14-05-2025
- Business
- Express Tribune
PIA back in profit, eyes UK routes and Turkish Airlines partnership
Listen to article Pakistan's national carrier, Pakistan International Airlines (PIA), has been operating profitably since March 2024, a government official told the parliament on Wednesday. During the National Assembly's Question Hour, Parliamentary Secretary Zeb Jaffar said PIA had recovered financially and had resumed flights to the European Union, including services to Paris. Responding to a query from MNA Sharmila Faruqi, Jaffar noted that damaging remarks made previously on the floor of the House had negatively impacted the airline's performance and reputation. 'The consequences of those remarks were felt by the country,' she said. He was referring to a controversial statement made in parliament by former aviation minister Ghulam Sarwar Khan of Pakistan Tehreek-e-Insaf (PTI), which resulted in a ban on Pakistan International Airlines (PIA) flights to multiple countries. Jaffar confirmed that renewed engagement with the EU Aviation Safety Agency (EASA) had enabled PIA to restart flights to Europe. She added that discussions with UK aviation regulators were also progressing. Talks are also under way with Turkish Airlines to enhance international connectivity for Pakistani passengers, she said. The government aims to expand PIA's operations to profitable destinations, particularly in the Middle East and North Africa. Jaffar emphasised that these efforts are ongoing and their results will become more evident in the coming months. PIA has also launched direct flights from Lahore to Azerbaijan's Baku, as part of its ongoing push to strengthen international air links and promote tourism. Last month, PIA reported its first annual profit in 21 years and marked a significant turnaround as it moved forward with plans to sell the airline According to documents seen by Bloomberg, PIA recorded earnings per share of Rs5.01 for the year ending in December, its first profitable year since 2003, based on audited financial statements.
Express Tribune
20-04-2025
- Business
- Express Tribune
PIA launches direct Lahore-Baku flights
Pakistan International Airlines (PIA) on Sunday launched direct flights from Lahore to Azerbaijan's Baku, as part of its ongoing push to strengthen international air links and promote tourism. Flight PK-159 departed Lahore Airport at 11:50 am, carrying 152 passengers to Azerbaijan's capital. A brief but dignified ceremony was held at the airport before departure, attended by Defence Minister Khawaja Muhammad Asif as the chief guest. Azerbaijan's Ambassador to Pakistan Khazar Farhadov and senior aviation officials were also present. Speaking at the event, Khawaja Asif said that not long ago, many believed PIA would struggle to recover. However, following reforms under Prime Minister Shehbaz Sharif's leadership, the national carrier is now regaining its footing. The minister said the new Baku route was part of PIA's strategy to widen its network, which would further strengthen ties between Pakistan and Azerbaijan. Earlier this month, PIA reported its first annual profit in 21 years and marked a significant turnaround as it moved forward with plans to sell the airline According to documents seen by Bloomberg, PIA recorded earnings per share of Rs5.01 for the year ending in December, its first profitable year since 2003, based on audited financial statements.
Express Tribune
08-04-2025
- Business
- Express Tribune
PIA set to report first profit in two decades
Listen to article Pakistan International Airlines (PIA) is poised to report its first annual profit in more than two decades, marking a significant turnaround for the national carrier as it moves forward with plans to sell the airline, according to documents seen by Bloomberg. PIA recorded earnings per share of Rs5.01 for the year ending in December, its first profitable year since 2003, based on audited financial statements. The results are expected to be submitted to the airline's board for approval before being released publicly. PIA did not respond to a request for comment. The results mark a dramatic recovery for an airline that, in recent years, has faced mounting financial losses, including aircraft being impounded at foreign airports, canceled flights, and close calls with default. Regular bailouts from the government were the main lifeline for the airline, though these funds have now been exhausted. Pakistan's efforts to sell the airline last year failed, as the initial bid fell short of the minimum price of about $306 million. However, the government is making another attempt to privatize PIA, with initial bids expected later this month. To make the sale more attractive, the government has removed about 75% of the airline's debt from its books. The move has led to renewed interest from potential buyers, with companies that previously participated in the bidding process now expressing greater confidence, according to Usman Bajwa, secretary at Pakistan's privatization commission, in February. Operational gains in recent years have been offset by the significant burden of debt servicing. However, PIA has been working to achieve operational profitability by implementing reforms, including reducing its workforce by nearly 30%, shutting down unprofitable routes, and improving fleet utilization.
