RAWALPINDI, July 23: Parliamentary Secretary for Defence Maj (retired) Tanveer Hussain Syed has said the Civil Aviation Authority (CAA) will generate record revenue of Rs10.2 billion this year.

The parliamentary secretary, in a statement issued here on Sunday, said the CAA had achieved remarkable progress in terms of revenue generation, as its surplus raised from Rs3 million in 2003 to Rs8.55 million in 2004 and Rs2.4 billion in 2005.

He said the CAA expenditures for the current year were Rs5.5 billion while its net surplus would be Rs4.6 billion.

About the financial health of the Civil Aviation Authority, Tanveer Hussain said earlier the authority’s financial conditions were hardly satisfactory as was evident from its financial performance.

He said in the year 2003, the authority generated a meagre surplus of Rs3 million, but its current surplus revenue touched the figure of Rs4.6 billion.

This significant achievement is the outcome of efficient financial management programmes introduced by the present leadership of the CAA, he added.

The parliamentary secretary said the CAA had paid off all its loans (Rs5.6 billion) and the liabilities had been reduced to Rs3.2 billion from Rs10.7 billion in 2003.

He said a sum of Rs4 billion would be available during budget year 2007 to finance the development plans.