PIA Reports First Profit in 21 Years Ahead of Privatization

Post by: Bandan Preet

Photo: Reuters

Pakistan International Airlines (PIA), the national airline of Pakistan, is finally making a profit after more than 20 years of losses. According to documents shared with Bloomberg, PIA has reported a profit for the year that ended in December. The airline earned 5.01 rupees per share, making it the first time since 2003 that the airline has made money.

The final financial report has been completed and will soon be sent to the airline’s board for approval. Once approved, the results will be shared with the public. PIA did not respond to questions about the news.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel  

This profit is a big turnaround for the airline. In recent years, PIA had been facing major financial troubles. Some of its planes were even held at airports in other countries because the airline couldn't pay its bills. Many flights had to be canceled, and the company was close to running out of money. The airline only stayed in business because the government kept giving it money. But now, those government bailouts have stopped.

Last year, Pakistan tried to sell PIA, but the offer made by buyers was less than the asking price of around $306 million. That deal didn’t go through. Now, the government is making another attempt to sell the airline, and new bids are expected this month.

To make the sale more appealing to buyers, Pakistan moved about three-fourths of PIA’s debt to the government's side. Later, they removed all of the airline’s debt completely. Because of this, some of the companies that were interested before are now showing interest again. Usman Bajwa, a top official in the government’s privatization commission, said in February that earlier financial problems made it hard for PIA to show real progress, even when the airline made money from its regular business.

Over the past three years, PIA has been working hard to improve its operations and reduce losses. They cut down the number of employees by nearly 30%, stopped flying on routes that were losing money, and started using their planes more effectively.

This profit is seen as a positive sign for the airline and may help in selling it to a new private owner soon.

#trending #latest #PIAProfit #FirstProfitIn20Years #PIANews #PakistanAirlines #PIATurnaround #AirlineReform #PIASaleUpdate #PrivatizationInPakistan #DebtFreePIA #AirlineUpdate #PIARevival #AviationUpdate #AirlineSuccessStory #PakistanNews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai