Pakistan International Airlines Achieves Profit: A Major Turnaround After Decades

Pakistan International Airlines (PIA) has reported an annual operating profit for the first time in over two decades, achieving PKR 9.3 billion and a net profit of PKR 26.2 billion. This comes as the government prepares for a renewed attempt to privatise the national carrier.

Pakistan International Airlines (PIA) has achieved a remarkable financial turnaround, posting its first annual operating profit in over two decades. The national carrier reported a whopping PKR 9.3 billion ($33.14 million) in operating profit and a net profit of PKR 26.2 billion for the fiscal year 2024.

The disclosure was made during a PIA board meeting, with Defence and Aviation Minister Khawaja Muhammad Asif announcing the news on social media. This financial resurgence comes as the government gears up for another attempt at privatising the airline, after a failed bid last year due to lackluster interest from buyers.

To facilitate the privatisation process, Pakistan's government had previously offloaded 80% of the airline's legacy debt onto public books. Recent reforms, including shedding excess staff, exiting unprofitable routes, and other cost-cutting measures, have been credited for the airline's newfound profitability.

(With inputs from agencies.)