ISLAMABAD: Pakistan International Airlines (PIA) has reduced its losses from Rs52.6 billion to Rs34.64 during the fiscal year 2020, ARY News reported.
According to the financial report filed with the Pakistan Stock Exchange (PSX), despite a record reduction in revenue owing to the coronavirus crisis, the national flag carrier’s losses declined by over Rs18 billion to 34.64 billion.
It is pertinent to mention here that PIA earned Rs94.98 billion during the fiscal year ending on 31st of December while the airline had earned Rs147.5 billion profit during 2019.
Read More: Speed up transformation of PIA for quality; profitable service, PM directs
Earlier on December 24, Prime Minister Imran Khan had chaired a session over Pakistan International Airlines performance where his aide on institutional reforms Ishrat Hussain expanded on the transformation model of the flag carrier.
Advisor to PM on austerity and institutional reforms and former State Bank governor Dr Ishrat Hussain had said in his briefing that the transformational reforms would improve the financial status of PIA underscoring that with increasing operations on profitable routes, and improved international service can be ensured. Present on the occasion, PIA CEO Arshad Malik had elaborated on steps considered for improved operations of the national airlines.
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