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PIA records 43% increase in profit for the year 2019

PIA

Pakistan International Airlines (PIA) recorded an increase in revenue by 43 percent in 2019 compared to the same period of last year.

The annual revenue of PIA in 2019 increased from Rs104 billion to Rs148 billion, states an annual report compiled under new Chief Executive Officer Air Marshal Arshad Malik. the report mentioned.

The increase in revenue and a remarkable reduction in losses highlight the fact that the national airline is improving and the gross profit has been recorded for the first time in the past eight years.

PIA’s seat factor in 2019 has also greatly improved and it stood at 81 percent, meaning that 81% of seats on every flight were occupied.

In the annual report issued for the year 2019 by the new CEO, who resumed charge in March this year, PIA also recorded a 76% decline in the total operational loss. Two years back, the gross operational loss in 2018, amounted to Rs32 billion that has been reduced to Rs7.70 billion in 2019.

The airlines said the improvement of financial results for the year 2019 was mainly due to routes optimization & fares rationalization, enhancement of ancillary revenue by double digits, and undertaking stringent cost discipline in all aspects of the business.

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