PIA Looks Set to Finally Meet Revenue Target This Year

Notwithstanding the annual loss of Rs. 20 billion being caused by an ‘irresponsible statement’ by the former aviation minister, Pakistan International Airlines (PIA) will meet its leading revenue target this year, Minister for Aviation and Railways, Khawaja Saad Rafique, has claimed.  During a news conference, Khawaja stated that PIA is going through a challenging period, but the government is optimistic that the national flag carrier would meet its financial goal of Rs. 170 billion. The Minister further stated that PIA presently operates with only a fleet of 28 aircraft and that the magic number necessary to get the airline out of financial trouble was 40 aircraft, which the airline is seeking to attain through its own resources. He revealed that PIA used to operate with a fleet of 100 airplanes in the past. Due to a lack of finances, new aircraft will not be purchased in the future, but the dry lease option will be used to add new planes to the fleet. The Minister went on to say that two Boeing 777s would be introduced to the state fleet after being refurbished by January of next year. He further highlighted that they were also exploring collaborative ventures with other airlines that were demanding access to a state of over 220 million inhabitants. Khawaja stated that the Ministry aims to collaborate with many other airlines, but the agreements must be win-win for both parties, as PIA cannot afford to lose its top destinations like the Gulf and Europe, which produce a significant portion of its revenue.