ISLAMABAD – The recent increase in oil prices and depreciation of rupeesagainst the US dollar has put Pakistan International Airline under biglosses.
PIA monthly operational losses of the national flag carrier PakistanInternational Airlines (PIA) have recorded phenomenal increase of about twobillion rupees, sources said on Thursday.
“These factors are contributing to monthly losses, in addition to PIA’sliabilities to the tune of Rs400 billion, making it nearly impossible forthe management to bring a turnaround in its business plans,” the sources inthe Aviation Division said.
They were of the view that the current losses on account of increased fuelprices and depreciation of rupee has added to PIA’s financial constraintsin gradually disposing of its liabilities including bank loans.
The Aviation Division has already brought these issues in the notice ofMinistry of Finance to take appropriate steps in containing these losses inorder to improve performance and businesses worthiness of the national flagcarrier.