PIA ranks 5th in terms of punctuality: CAA report

The cash-strapped Pakistan International Airlines (PIA) ranked fifth in domestic flights in the punctuality report of the Civil Aviation Authority (CAA) from January to June this year.

The ranking reflects the mismanagement of the national flag carrier’s administration and the effects of its financial crisis. These woes have had a severe adverse impact on the on-time departure and arrival of the state-run PIA’s domestic flights.

The departure ratio of domestic PIA flights was recorded at 58.24%. The airlines ranked from 1st to 4th are private ones.

The on-time departure and arrival ratio of the flights of private airline was much better than that of the national flag carrier.

The on-time departures and arrivals of PIA flights during January-June 2023 were probably the worst in the airline’s history.

Private airline Fly Jinnah grabbed the top slot with an 87.93% flights punctuality rate. Air Sial stood at second place with its flights punctuality rate at 86.89% Airblue came in third place with a 78.36% flights punctuality rate. The fourth position was secured by Serene Airlines with a flights punctuality rate of 62.7%,

No Pakistani airline has achieved a 100% on-time departure and arrival rate.

The PIA has suffered a loss of Rs60.71 billion in the first six months of the ongoing year, according to the national flag carrier’s financial report for 2023 released recently.

The airline had put up with a loss of Rs41.31 billion in the corresponding period last year.

According to the report, the PIA suffered a loss of Rs27.45 billion in the first six months of this year because of the depreciation of the rupee.
The loss stood at a sum of Rs13.85 billion because of the currency exchange rate during the same period in 2022.

In the first half of 2023, an amount of Rs48.34 billion was spent on fuel and oil. During the same period last year, a sum of Rs30.78 billion was spent on fuel and oil.

The cost of finance in the first half of this year was Rs36.82 billion. This amount stood at Rs21.11 billion in the same period last year.

In the first six months of 2023, the total revenue generated by the PIA came to Rs120.27 billion. According to the report, this was a gross profit of Rs11.25 billion in comparison with the first six months of last year.

In the first half of 2022, the national flag carrier had managed to earn an amount of Rs71.19 billion.

The report mentioned that the operational cost of the airline rose by 41% because of the increase in fuel and oil prices and a hike of 20% was paid in interest rates.