Pakistan International Airlines (PIA) is recording financial losses once more.
Pakistan International Airlines (PIA), the country's national flag carrier, has made a significant stride in its financial performance. The airline has reported a pre-tax profit of 11.5 billion Pakistani Rupees (€40.64 million) for the six months to June, marking the first time in nearly two decades that PIA has achieved such a milestone.
This positive financial outcome comes after a period last year when PIA reported losses. The net profit for the current half-year stands at 6.8 billion Pakistani Rupees. It's important to note that both the pre-tax profit and net profit are in Pakistani Rupees.
The government, particularly Islamabad, is pushing ahead with another attempt to privatize PIA. Five local corporate groups have expressed interest in buying PIA, including Airblue, Lucky Cement, investment firm Arif Habib, and the military-backed company Fauji Fertilizer. However, no publicly available information indicates which companies have shown serious interest in purchasing PIA or whether any finalized offers are expected.
The privatization process was previously attempted last year, but it failed due to insufficient bids. Final bids for the current privatization attempt are expected later this year. If successful, the privatization could mark a significant shift in the management and operations of PIA, which is currently part of the PIA Holding Company.
It's worth noting that the net profit for the same period last year was not specified. Nevertheless, the current financial performance is a positive sign for PIA and a potential boost for the airline industry in Pakistan.
This pre-tax profit of €40.64 million is a testament to PIA's improving financial health and could attract more investors in the future. The airline's journey towards stability and profitability continues, and the coming months will be crucial in determining the future course of PIA.
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