Pakistan International Airlines Soars with First Profit in Two Decades

Pakistan International Airlines (PIA) has reported its first annual profit in over two decades, posting an operating profit of PKR 9.3 billion and a net profit of PKR 26.2 billion. The announcement comes as the government attempts to privatize the airline, following drastic measures to reduce its debt and operational costs.

For the first time in over two decades, Pakistan International Airlines (PIA) has reported a profit. The national carrier achieved an operating profit of PKR 9.3 billion and a net profit of PKR 26.2 billion for the fiscal year 2024, according to Defence Minister Khawaja Muhammad Asif.

This announcement was made during a board meeting of PIA, highlighting the government's ongoing efforts to privatize the airline after a previous attempt fell short. The government had reduced the airline's legacy debt significantly and introduced several reforms, such as staff reductions and cutting unprofitable routes, to make the airline more appealing to potential buyers.

These measures have resulted in a profitable year for PIA, despite past challenges, including surviving on government bailouts and dealing with operational difficulties like impounded planes and canceled flights due to financial constraints. The upcoming privatization attempt follows these financial improvements, aiming to attract more lucrative offers.

(With inputs from agencies.)