Parliamentary Secretary for Railways Kiran Imran Dar on Friday informed the National Assembly that the Pakistan International Airlines (PIA) had earned around Rs 59-60 million profit in the first quarter (January-March) of the current year.
Replying to a question during the Question Hour, she said the PIA was paying Rs 60 million markup on financial loans obtained from time to time.
The Airlines’ losses decreased during 2020 and 2021 mainly due to COVID 19 outbreak resulting in limited flight operation during 2020 as well as significant steps taken on cost cutting measures, including voluntary reduction in employees salaries, rationalization capacity and greater focus on cargo/charter operations during the pandemic, she added.
Kiran Dar said the process of decrease in losses could have continued but due to increase in fuel prices and fluctuation in dollar exchange rate to higher side, and increase in KIBOR/ interest rate.