PIACL's audited accounts for the year 2017 were approved in its second AGM of shareholders on Saturday in Karachi. The approval for selection of external auditors for the year 2018 was also accorded at the AGM. The AGM was presided over by CEO PIA, Air Marshal Arshad Malik.
PIACL in 2017 earned annual revenue of around Rs91 billion whereas the airline incurred loss before tax Rs46.4 billion. The major reasons were the 14 percent increase in fuel cost and 16 percent increase was witnessed in the administrative expenses.
Air Marshal Arshad Malik while addressing the shareholders said that after lot of untiring efforts now airline is on the path of recovery however, it will take some time to make it profitable.
He said that presently the operational status of PIA fleet is very satisfactory and better than 2017. The airline's hajj operation is going on with great success.
Air Marshal Arshad Malik said that delay in audited accounts for the year 2017 was an administrative failure of previous managements but we have to move forward. He said that complaints and suggestions of shareholders will get due consideration. Secretary Board of Directors Muhammad Shuaib, Chief Financial Officer Khalil Ullah Sheikh were also present.-PR