Govt. Shares Pakistan International Airlines Corporation Revamping Measures

The government on Thursday said it had taken effective measures for revamping of Pakistan International Airlines Corporation (PIACL) aimed at regaining the past glory of national flag-carrier, making it a profit earning entity and first choice of air passengers

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Jun, 2020 ):The government on Thursday said it had taken effective measures for revamping of Pakistan International Airlines Corporation (PIACL) aimed at regaining the past glory of national flag-carrier, making it a profit earning entity and first choice of air passengers.

According the Economic Survey 2019-20 unveiled by Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh here at a news conference, the PIAC too measures for recovery of B-777, A 320, and ATR aircraft grounded for the last 13-22 months using own resources.

The airliner adopted a strategy to increase maximum take-off weight limitation on A-320 aircraft, enhancing payload carrying capacity, and held negotiations with Maintenance Repair and Overhaul (MROs) for rationalization reconciliation of payments.

Besides, the revamping measures include resumption of night operations from Bacha Khan International Airport, Peshawar, resolution of overflying permission over Iran and Turkmenistan, successful completion of pending audits and holding of AGMs (annual general meetings) for years 2017 and 2018 in compliance with Companies Act and compliance requirements of the Securities and Exchange Commission of Pakistan (SECP).

Removal of PIAC from SECP's defaulters list.

In addition, the PIAC took steps for formulation of five-year Business Plan 2019-2023 in consultation with Finance Division, National Bank of Pakistan, State Bank of Pakistan, Original Equipment Manufacturer (OEM) and International Air Transport Association (IATA) and gave its presentation to the Prime Minister.

Under the strategy, the PIAC inducted two narrow-body aircraft on dry lease to augment existing fleet, earn more revenue, and meet market demand, and made efforts to achieve higher passenger revenues to reduce operational losses.

It undertook Hajj flight operations using their own fleet rather than acquiring aircraft on lease for this purpose, besides starting new profitable routes including Sialkot-Paris, Sialkot-Barcelona, Peshawar- Sharjah, Peshawar-Al-Ain, and Multan-Sharjah.

The PIAC discontinued loss-making routes, started operating additional flights on profitable routes like Dubai, Jeddah and Madina, terminated ghost employees and employees with fake degrees in accordance with the decision and direction of the Supreme Court of Pakistan and put in place a centralized medical center for all PIAC employees leading to cost savings.