KARACHI, Dec 22: The Board of Directors of the Pakistan International Airlines Corporation (PIAC) on Thursday approved corporate plan and set revenue target at Rs76.059 billion for the FY2006. The total revenue for the FY2005 was estimated at Rs65.696 billion.

The corporate plan for the next fiscal envisaged a 16 per cent growth in revenues and enhancing seat factor from 73.5 per cent in FY2005 to 74 per cent in FY2006. The board in its meeting chaired by Tariq Kirmani considered the plan, aligned with approved Business Plan 2006-2011, which envisaged growth and expansion in route network to meet objective of overcoming financial constraints arising from exorbitant fuel prices.

The meeting emphasized the need to develop and improve image and service standards to make the national flag carrier world class and customer centred airline.

The board was told of series of business strategies and tactical steps to improve revenues due to volatile fuel market. The planning process would now envisage business plan for five years and one year plan to be updated periodically.

The thrust had been on marketing strategies, initiatives, concept of 3Cs and targeting for higher market share. PIA in recent past was among five top airlines by attaining 80 per cent seat factor compared to other carriers in the region without compromising safety aspects, mounting of additional capacity from existing fleet achieved with proper utilization of aircraft. Better marketing scheduling were contributing factors for higher revenue.—PPI