February 18, 2019
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The Pakistan International Airlines whose liabilities hit a record of RS 288 Billion in the month of February this year, has reportedly managed to increase its revenue by 7 per cent in the first quarter of 2018.
In a meeting here on Monday, PIA President and CEO Musharraf Rasool Cyan said that the company’s revenue has increased to Rs 23.5 billion in the first quarter of this year. They said that this good development owes to the ‘V1 Project’ first phase which was initiated for the revival of the airline.
Abdullah Hussain Haroon, the Federal Minister for Defence and Foreign Affairs and Aviation, was also present in the meeting. He said that the revival of Pakistan International Airlines (PIA) is essential for nation’s progress. He also mentioned that the current administration of the airline is working really hard to improve the financial condition of the company.
While briefing the attendees in the meeting which was also attended by Aviation Secretary and Acting Chairman Dr Ijaz Munir, Members of Board of Directors; Atif Bajwa, Naveed Malik and Haq Nawaz, Musharraf Rasool said that the ‘V1 Project’ performed well and that the airline is ready for the second phase of its revival strategy.
According to Musharraf Rasool, the salient features of ‘V1 project’ were:
Without any doubt, this development is a good news concerning Pakistan International Airline’s current situation. The company is in huge debt and the recovery is only possible with the continuous increase in revenue.
It is also a good indication of the country’s economy. In March, Advisor to Prime Minister on Financial Affairs Miftah Ismail passed a statement in a meeting that whoever buys PIA would get Steel Mill for free.