PIA Suffered Loss of More Than 146 Billion Rupees in Four Years

[Abbas Ali]

Today the National Assembly was informed that:

PIA suffered loss of more than 146 billion rupees in four years.

In year 2016 PIA suffered loss of more than 36.95 billion rupees.

In year 2015 PIA suffered loss of more than 32.52 billion rupees.

In year 2014 PIA suffered loss of more than 32.22 billion rupees.

In year 2013 PIA suffered loss of more than 44.32 billion rupees.

Abbas

[Amaad Lone]

Thats not bad.

In ten years the government lost 1,100 billion in electricity production and distribution.

[ammad]

Thats not bad.

In ten years the government lost 1,100 billion in electricity production and distribution.

All the power distribution companies should have been privatized 10 years ago, Just like K-Electric. But Govt have different priorities at different region of Pakistan.

Coming back to topic, Reason for slightly less losses for P.I.A in current years is due to pretty helpful fuel prices. PIA should come out of losses before fuel prices start to hike again.

[Abbas Ali]

Losses suffered by PIA have touched four hundred billion rupees, according to Adviser to the Prime Minister on Aviation Sardar Mehtab Ahmed Khan Abbasi.

The airline is now like sinking Titanic ship that needs to be saved. Taking bank loans is difficult but government assistance is not available to the airline. Government should take PIA loans, he said.

Abbas

[Abbas Ali]

PIA suffered over Rs146b losses, NA told

October 10, 2017

ISLAMABAD - The Pakistan International Airlines (PIA) suffered an estimated loss of over Rs146 billion from 2013 to 2016, however a surge in losses is expected for the year 2016, the National Assembly was informed on Monday.

Answering a question by Shahida Rehmani, minister in-charge of Aviation Division in a written reply to the National Assembly said that during 2016 the estimated after tax loss was Rs36,953 million, in 2015 it was Rs32,529 million, in 2014 it was Rs32,222 million, while during 2013 national carrier suffered a loss of Rs44,322 million.

He said that after 2013 a decreasing trend in losses was witnessed. He said the losses declined by more than 27 per cent during 2014 and 2015.

Though the financial accounts have not been finalised yet, in 2016 a surge in losses is expected, due to acquiring of a new aircraft on lease and the payment of mark up on legacy loans.

Source: http://nation.com.pk/national/10-Oct-20 ... es-na-told

[Abbas Ali]

in 2016 a surge in losses is expected, due to acquiring of a new aircraft on lease and the payment of mark up on legacy loans.

Adviser to the Prime Minister on Aviation Sardar Mehtab Ahmed Khan Abbasi during press briefing arranged at Islamabad Airport today said that PIA suffered loss of more than forty billion rupees in year 2016.

Abbas

[Abbas Ali]

PIA only had five profitable months during Sharif regime

By Qadeer Tanoli

Published: October 23, 2017

ISLAMABAD: The federal government has not been able to control the losses incurred by Pakistan International Airline Corporation Limited (PIACL), which come to millions every month since the Pakistan Muslim League-Nawaz (PML-N) came into power in 2013.

During the last National Assembly session, MNA Sajida Begum had asked for details and reasons behind the monthly losses incurred by the PIACL starting from June 2013 to date. In a written reply, the session was informed that the national flag carrier has suffered losses that amount to a total of Rs157 million, while only being profitable for five months out of the four years from 2013 to 2017.

According to the reply written by Minister-In-Charge of Aviation Division, during the year 2013 to 2014, fuel prices were very high, reaching US$100 per barrel and above, which added significantly to the fuel expenses. Another reason stated by the ministry was the shortage of aircraft in the fleet. The monthly instalments paid for leasing aircraft also contributed towards the losses incurred

The only months that the PIACL did not run in losses included October in 2013, January, March and February in 2015 and the March of 2016. The losses for June 2013 alone stand at a staggering Rs2.337 million, however, June 2016 was perhaps the worst month for PIACL during PML-N’s tenure, with financial losses reaching up to Rs8.523 million. In December 2013, the losses incurred were Rs 7.262 million while in December 2016 the amount of Rs7.379 million was incurred as losses, which were then brought down to Rs4.263 million in May 2017.

The national airline has been focused upon by lower house parliamentarians during the last few sessions. Previously, the sale of a PIACL aircraft to a German museum and the appointment of acting PIACL CEO Bernd Hildebrand came under scrutiny, while giving a plane to a film crew in Malta was also spoken about.

Source: tribune.com.pk