ISLAMABAD: Pakistan International Airline (PIA) incurred an accumulated loss of Rs169.921 billion as of June 30, 2013 with loss accrued since January 2013 totaling Rs18.007 billion, Finance Division said on Friday.
Addressing the Senate, the division said that there were outstanding loans, both domestic and foreign that amounted to Rs160 billion.
The statement from the Finance Division was issued in response to a query forwarded by Senator Sehar Kamran and Senator Tahir Hussain Mashadi.
Of the total amount of outstanding loans, Rs86.850 billion was domestic loans.
The statement said that Rs50 billion worth of loans were spent on the purchase of aircraft while the remaining Rs110 billion were injected as working capital for the airline.
The House was also informed that 148 employees of PIA had been promoted since June, 2013.
Other concerns mentioned in the statement included such things as delayed PIA flights, lack of sufficient number of aircraft, ageing fleet and ground handling limitations abroad.
The Aviation department said that in order to minimise the percentage of the delay, PIA is planning to induct ten aircraft on dry lease and four new fuel efficient narrow body aircraft on wet lease.
The tender notice to invite suitable bids has already been advertised.
Further economic operations have been suspended till the availability of the sufficient number of aircraft.
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Rs. 170 billion is a small amount and and nation can afford another Rs. 40 billion during the current year. After all we are patriotic people and NS is going to make the country an Asian tiger. Isn't it.?
only over 169 billion......?
That's an impossible number!
There must be massive corruption!
Can we please clean up the mess?!?!?
Why is pml n showing so much inertia in these matters!!!
PIA or for that matter every institution in Pakistan was build by Muhajirs. As muhajir cleansing is completed from every state owned/public sector the institution the results are what you see today.
So what, PIA is a rich enterprise, flag carrier of one of the richest nations in the world, a nation so rich, that doesn't mind any losses what so ever. No matter the elephant is grey or white makes no difference to the rich leadership of our richest nation.
With all fake degrees holder sindhis in PIA during PPP tenure to be blaim for these massive losses.
PIA can only be made viable when it will cut its non-productive staff, put a complete ban on issuance of 100% free tickets for its present and former staff members and stop the leakage.
I am not among the Board of Directors,, otherwise, I would have been the first person to submit my recommendations in the Board of Directors meeting to do what I have written above.
Will the matriculate DMD appointed by PMLN bailPIA out?
Shut down this loss making unit.Why should a common tax payer pay for inefficiency and corruption in PIA
When airline is bleeding money how can it justify promoting any one. Where is accountability? If one has to be promoted then even PM shouldn't be authorized to suggest a name/promotion. It must be strictly on merit.
After such looses, what plan management has to cut the losses in the future? How many employees will be fired based on their poor performance. There has to be a target along with a timeline and it must be reviewed after sometime to make sure PIA management is performing. It is time that tons of heads must be rolled from this bloated airline.
now v have to pay for that as well :P since zardari era is gone n NS cannot bring back looted money as they play politics of respectibility 'same zaat ppl' :P
cut the number of employees in line with other profitable 1s. and no free tickets to employees and families
Wo wo wo RS169 billion OMG thas almost $1.5 billion with this much money we could've bought at least 3 brand new boing A380z or 10 second 777.and why 148 people got promoted When airline going in serious loss.if "Mr 10% give national airline to his jail inmates" then this is expected.god bless Pakistan