Nawaz lauds management as PIA earns Rs1.67b profit April 30 2014

islamabad-Prime Minister Muhammad Nawaz Sharif has lauded the efforts of PIA management for attaining operating profit of Rs 1.67 billion for the first quarter— January 1- March 31 2014— as against a loss of Rs. 5.65 billion for the corresponding period of last year (2013). It is for the first time in past four years that the airline has attained operating profit for the first quarter. This was declared in PIAs 356th Board of Directors meeting held at the airlines Head Office. According to the details of the first quarter 2014 the total revenue stood at Rs. 28.0 billion as against Rs 25 billion for same period in 2013. However the net loss after paying financial costs and taxation stood at Rs. 1.98 billion as against Rs. 8.62 billion in the year 2013 which shows a remarkable decline of almost 77 per cent in losses. The loss per share has dropped from Rs. 2.86 to Rs. 0.56. Prime Minister also praised efforts put in by Shujaat Azeem Special Assistant to Prime Minister on Aviation and Chairman PIA for the revival of the airline.