*KARACHI: Pakistan International Airlines (PIA) Sunday released itsfinancial results for FY 2020 as it submitted audited accounts with thePakistan Stock Exchange (PSX).*

According to the airline’s audited financial results for the year 2020, PIAreduced its operational losses from Rs6.130 billion in 2019 to Rs680million in 2020.

The report shows that PIA achieved revenue of Rs94.989 billion, down fromRs147 billion achieved in 2019, the main reason for which was COVIDrestrictions affecting all of PIA’s routes, reducing the overall operationsby nearly half.

The pandemic which hit the industry in March 2020, saw nearly halting ofall the operations, domestic and international for months, which onlystarted to resume partially from July onwards.

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The operations of Umrah & Hajj flights also impacted the revenues of PIA.The national flag carrier responded by focusing on special charter flights,repatriation and relief flights which helped it retain its foothold in themarket and generate valuable revenue from alternative sources, the reportreads.

“During the year 2020, PIA oversaw a number of reforms such as cutting downof loss-making units such as Speedex and curtailing on loss-making routesand cost reductions without compromising on service reliability andstandards,” reads the report.

“PIA also undertook a Voluntary Separation Scheme accepted by nearly 2,000which will have a considerable impact on the expense of 2021.”

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CEO PIA Air Marshal Arshad expressed his satisfaction on the financialresults and acknowledged the team effort put forth by PIA.

“PIA is making all efforts to face and cope up with COVID scenario andthough the outlook remains challenging in 2021 as well, it is hoped thatwith the support of Government of Pakistan, our Pakistani customers anddedication of PIA employees, we will emerge stronger than before,” he added.