KARACHI: The Pakistan International Airlines (PIA) has attained operating profit of Rs1.67 billion for the first quarter of 2014 – January 1 to March 31 – as against a loss of Rs5.65 billion of corresponding period last year.

The national flag carrier has attained the operating profit for the first quarter after a lapse of four years.

This was declared in the board of directors meeting, chaired by Secretary Aviation and Chairman PIA, Muhammad Ali Gardezi, held at the airline’s head office here on Tuesday. Managing Director PIA, Muhammad Junaid Younas was also present in the meeting.

According to the results of first quarter 2014, the total revenue stood at Rs28.0 billion as against Rs25 billion of 2013.

However, the net loss after paying financial costs and taxation stood at Rs1.98 billion as against Rs8.62 billion last year, which shows a remarkable decline of almost 77 per cent in losses. The loss per share has dropped from Rs2.86 to Rs0.56.

The government of Prime Minister Nawaz Sharif has been taking bold steps including privatisation to enhance the national flag carrier’s customer services, on time flight arrivals and departures with safety in order to make it a profitable entity.

The premier last week had also given his approval for induction of five new Boeing 777 jets into the fleet of Pakistan International Airlines.

The board appreciated performance of the national airline and efforts of Shujaat Azeem, Special Assistant to Prime Minister on Aviation and Chairman PIA Gardezi for the revival of PIA.