Pakistan International Airlines posts profit once more
Pakistan International Airlines (PIA) has made a significant stride in its financial performance, reporting a pre-tax profit of 11.5 billion Pakistani Rupees (€40.64 million) for the first half of the year. This marks a notable turnaround for the state-owned airline, which has been struggling financially for years.
The financial improvement is a welcome development, coming after the airline recorded losses in the same period last year. The reported profit is a testament to the hard work and reforms implemented by PIA's management. However, no specific reasons for the financial improvement were mentioned in the latest announcement.
The pre-tax profit is significantly higher than the net profit, which stands at 6.8 billion Pakistani Rupees for the same period. This is the first pre-tax profit for PIA in the first half of the year in nearly two decades.
PIA is part of the PIA Holding Company, which oversees the operations of various subsidiaries. The airline's financial performance is closely monitored by the government, which has been making efforts to privatize PIA for several years.
Islamabad is pushing ahead with renewed efforts to privatize PIA, following an unsuccessful attempt last year. Five local business groups have expressed interest in the current privatization of PIA: Airblue, Lucky Cement, investment firm Arif Habib, and military-backed company Fauji Fertilizer.
However, the search results do not provide information about the stakes these groups hold in Fauji Fertilizer or their specific interest in the privatization of PIA. The final bids for the current privatization of PIA are expected later this year.
The financial improvement reported by PIA is a positive sign for the airline's future. With the government's renewed efforts to privatize the airline, it remains to be seen whether a successful sale can be achieved this time around.
The reported profit is for the six months ending in June, providing a positive outlook for the rest of the year. If PIA can maintain its financial performance, it could attract more investors and pave the way for a successful privatization. Only time will tell what the future holds for Pakistan International Airlines.
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