KARACHI, March 30: The Pakistan International Airlines Corporation (PIAC) has earned a pre-tax profit of Rs3.70 billion for the year 2003.

PIAC Board of Directors in its 277th meeting here on Tuesday discussed and approved the accounts for the year duly cleared by Board's audit committee.

The airline recorded a growth of Rs4.28 billion in revenues to Rs47.95 billion in 2003 as against Rs43.67 billion in 2002. The meeting was informed that the profit of Rs3.70 billion for Jan-Dec 2003, was Rs1.59 billion more than the corresponding period of the last year.

The growth was registered despite 15 per cent average increase in fuel prices during 2003. The total additional impact comes to Rs1.5 billion. While making a presentation on PIA marketing performance, the board was apprised that performance of the national carrier during the year 2003 has been mainly revenue-based, dependent upon the expanding route network and optimal use of capacity in the prime markets. -APP