After suffering significant losses over the previous few years, Pakistan International Airlines (PIA) has finally turned a profit of over Rs 60 million in the first quarter of 2023, according to a statement made by Parliamentary Secretary for Railways Kiran Imran Dar during Friday’s question period in the National Assembly. There have been gains made. The airline has been paying a markup of Rs 60 million on the financial loans it has occasionally obtained, it was also revealed in the report.
Dar ascribed the reduction in PIA’s losses in 2020 and 2021 to the airline’s reduced capacity as a result of the COVID-19 outbreak, voluntary pay cutbacks for staff, and increased revenue from cargo and charter. during the pandemic, cost-cutting measures included concentrating on operations. Dar said that despite the encouraging signs, the PIA’s recovery faces obstacles from rising loan rates, fluctuating dollar exchange rates, and rising fuel expenses.
In related news, the New York City Roosevelt Hotel’s reopening issues were summarised on Friday by the Ministry of Aviation. The New York City Government has granted PIA Investments Limited (PIA-IL) permission to use the hotel for expatriate business at a charge of US$ 200 per room per day for a period of three years, according to information provided by the Ministry. opportunity to accomplish it. The New York City Government and the Hotel Union will be negotiated with by a four-member committee that was formed by the Economic Coordination Committee (ECC) after the Ministry’s suggestions were approved.
