In a major achievement, Pakistan International Airlines (PIA) earned around Rs60 million profit in the first quarter (January-March) of the year 2023, Parliamentary Secretary for Railways Kiran Imran Dar on Friday told the National Assembly.
Replying to a question during the “Question Hour”, she said the PIA was paying Rs60 million markup on financial loans obtained from time to time.
The national flag carrier’s losses decreased during 2020 and 2021 mainly due to the COVID-19 outbreak resulting in limited flight operation during 2020 as well as significant steps taken on cost-cutting measures, including a voluntary reduction in employees’ salaries, rationalization capacity and a greater focus on cargo/charter operations during the pandemic, she added.
Dar said the process of decrease in losses could have continued but due to an increase in fuel prices and fluctuation in the dollar exchange rate to the higher side, and an increase in interest rate.
