PIA earns around 60 million profit in first quarter of 2023

Pakistan International Airlines (PIA) earned roughly Rs60 million profit in the first quarter (January-March) of 2023, according to Parliamentary Secretary for Railways Kiran Imran Dar, who spoke before the National Assembly on Friday.

In response to a query during “Question Hour,” she stated that the PIA paid an Rs60 million markup on financial loans taken from time to time.

The national flag carrier’s losses decreased in 2020 and 2021, owing primarily to the COVID-19 outbreak, which resulted in limited flight operations in 2020, as well as significant steps taken on cost-cutting measures, such as a voluntary reduction in employee salaries, capacity rationalization, and a greater focus on cargo/charter operations during the pandemic, she added.

Dar stated that the process of loss reduction could have continued but for an increase in gasoline prices, a swing in the dollar exchange rate to the higher side, and an increase in interest rates.

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