KARACHI, April 4: The Pakistan International Airlines (PIA) has posted an after-tax profit of Rs2.307 billion for the financial year ended December 31, 2004. The Board of Directors of the airline in its 285th meeting held here on Monday, with PIA Chairman Ahmed Saeed in the chair, approved the annual accounts for the financial year and expressed its satisfaction over the performance of the airline despite adverse operating environment, where fuel expenditure increased by Rs6.3 billion over 2003 levels.

The revenue reached the record level of Rs57.8 billion registering a growth over 20 per cent over the last year — the highest ever growth rate in the past 20 years.

Passenger traffic recorded a growth of over 13 per cent while the freight traffic showed an increase of around 12.5 per cent.

During the year the airline inducted three new Boeings 777-200ER and six half-life A310-300 aircraft, the meeting was informed.

Awarding of EASA Certification in early 2004 by European Aviation Agency has enhanced PIA’s capability of earning revenue by maintaining other airlines aircraft.

The meeting also approved the sale of six A300-B4 aircraft after observing the principles of transparency required for such sale.

—APP