KARACHI, Feb 14: The overall performance of Pakistan International Airlines, particularly its financial position during the second half of last year was reviewed by PIAC’s Board of Directors here on Thursday.

The Board was apprised that the airline had recorded the operating profit of Rs300 million as against loss of Rs3.9 billion during the corresponding six months of the previous year.

This turnaround was achieved through restructuring of the entire airline operation and finances, improvement in seat utilization and yield improvement, it was informed.

The Board was informed that on current performance basis the airline would record operating profit of around Rs1 billion during first quarter of 2002.

PIA’s liquidity position had considerably improved in the last few months and the Corporation was now current with its suppliers/vendors and that it is also meeting its debt repayment obligations and other commitments on due dates.

The Board was informed that three Airbus A310 had been fully acquired after retiring the entire loan against them.

The Board also discussed various options for replacement and upgradation of PIA fleet. The option of purchasing of new Boeing 777s and Airbus A-310s was also discussed.—APP