KARACHI – PIA’s 331st Board of Directors Meeting was held at PIA Head Office, Karachi. The board approved the financial statements for FY 2010. PIA posted the highest revenue in its history despite an unfavorable economic and security situation. The total revenue earned was Rs 107.53 billion which was 13.7 percent higher than the same time last year.
The gross profit for the year was Rs 14.972 billion. While the corporation has posted a net profit drawn from operations of Rs 720 million as compared to a net loss from operations of Rs 3,191 million in the preceding year, the loss before tax amounted to Rs 8,580 million compared to Rs. 12,434 million during 2009. However, the improvement in operating results was substantially eroded by a significant increase in tax expenses amounting to Rs 12,205 million as compared to tax amounting to Rs 7,486 million in the previous year, resulting in an after tax loss of Rs 20,785 million.
The board noted that the deferred tax charge of Rs 11.122 billion has resulted from significant decline in the fair value of aircraft as of December 31, 2010. However, it has no tangible impact on the cash flows of the Corporation. Board decided to hold the next Annual General Meeting on April 30, 2011.
The meeting was chaired by Minister for Defence and PIA Chairman Chaudhry Ahmed Mukhtar, and attended by PIA Managing Director Nadeem Khan Yousufzai, Syed Naseer Ahmed, Malik Nazir Ahmed, Javed Akhtar, Lt Gen (r) Syed Athar Ali-Federal Secretary Defence, Federal Secretary Finance Dr Waqar Masood Khan, Husain Lawai and Khawaja Jalaluddin Roomi.
