KARACHI: The Pakistan International Airlines (PIA) has reported a revenue shortfall for 2021 as compared to 2020, showing an operating profit of Rs 2.5 billion. The annual report was presented by the Acting CEO of PIA Amir Hayat to the PIA shareholders in the sixth annual meeting of PIA Corporation Limited held in Karachi.
According to the details, the airlines revenue has decreased in 2021 as compared to 2020 due to the closure of 60 percent of PIA routes.
However, as soon as the routes were restored in the last quarter, PIA’s revenue has also increased, showing an operating profit of Rs 2.5 billion.
The reasons for the decline in revenue were a significant reduction in air connectivity, travel restrictions, and the global financial crisis.
In 2021, the PIA has also operated charter flights and cargo flights but was still deprived of the revenue, obtained from its important Umrah and Hajj operations due to the Covid-19 restrictions.
CEO, Air Vice Marshal Amir Hayat said the airline industry was still experiencing partial recovery due to the Cove 19 epidemic, expecting the revenue growth to gradually increase with administrative measures and maintenance of routes.
He further said the PIA had not only introduced several new routes in the last 12 months but also increased the frequency of flights and added that the airline is gradually expanding its fleet as one more A320 aircraft has been inducted while three more aircraft will be added to the fleet in the coming weeks.
He said that after a comprehensive reform plan implemented in PIA last year, the airline has also drafted a five-year business plan with the assistance of IATA consultants and submitted it to the government for approval.
Later, the shareholders described the steps taken by the PIA administration as satisfactory and hoped that these steps would benefit the airline and the shareholders as well.
Copyright Business Recorder, 2022
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