KARACHI: PIA made a net profit of Rs 251.86 lakhs for the financial year 1963-64, according to the Annual Report released in Karachi yesterday. Operating revenue for the year was Rs 2129.63 lakhs, 18.3 per cent over the revenue for the previous year. Operating expenses, on the other hand, rose by only 6.6. per cent to Rs 1813.54 lakhs, resulting in a record operating profit of Rs 327.35 lakhs (before adjustment for loss on National Development services of Rs 11.26 lakhs). This is the fifth consecutive year in which the airline has recorded a profit. A significant development is the fact that PIA’s operations in the international field resulted in earnings and savings in foreign exchange which for the first time exceeded the foreign exchange allotted by the Government to the airline for its domestic and foreign operations.

As against an allocation equivalent to Rs 695.5 lakhs, PIA’s earnings and savings amounted to Rs 797.9 lakhs. This development has come about a year ahead of the target the airline had set itself in 1960. The year was one of expansion and development. Despite new and substantial commitments, the year was the most successful in PIA’s history. The airline made a net profit of 28 per cent of its paid-up capital and 11.8 per cent of its operating revenue.

Published in Dawn, December 22th, 2014