PIA posts profit despite shrinking fleet

LAHORE:

The Pakistan International Airlines (PIA) is still raking in billions in profit despite the fact that half of its aircraft are grounded due to technical faults.

Operating with just 14 to 16 aircraft on domestic and international routes, the PIA earned more than Rs11.5 billion in pre-tax profit during the first six months of the current fiscal year.

According to PIA sources, even with a reduced number of aircraft, the airline has continued flight operations to Canada, the United Kingdom, France, Saudi Arabia, the UAE, and several other countries.

Last year, the PIA earned Rs26.2 billion in profit, and this year it has already crossed Rs11.5 billion in six months. Sources say that if the shortage of aircraft is addressed, the PIA could earn an additional Rs2 to Rs3 billion compared to last year.

The PIA currently owns 32 aircraft, of which 16 are out of service due to engine and spare-parts issues. Sources claim that if these grounded planes are restored to the fleet on time, there may not even be a need to privatize the airline.

While the airline's privatization has once again been delayed; instead of the first week of December, the process is now expected in the final week of the month, according to Privatization Commission officials.