PIA breaks two-decade loss streak with record net profit

Pakistan’s national carrier has posted an annual profit for the first time in more than two decades ahead of a second attempt by the government to sell the airline, the country’s defence minister said.

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The disclosure was made at a Pakistan International Airlines (PIA) board meeting, the minister said late on Tuesday.

Meanwhile, Prime Minister Shahbaz Sharif on Wednesday termed it a “major turnaround after decades of losses.” “Another good news! Alhamdulillah! PIA set to post its first profit in 20 years, a major turnaround after decades of losses. The skies ahead look brighter, Inshallah (God willing!)” the prime minister wrote on his X timeline.

He also praised Defence Minister Khawaja Asif who is also the Minister for Aviation for his role in the national carrier’s recovery, stating: “Great team effort led by Khawaja Asif, Minister for Aviation.”

Earlier, the significant financial milestone was announced by Asif on social media, stating that the PIAcl Board has approved its accounts for Fiscal Year 2024.

“After 21 years, it has achieved an operating profit of PKR 9.3 billion & Net Profit of PKR 26.2 billion (after deferred tax adjustment),” he wrote on X.