KARACHI, Oct 28: PIA has earned an operating profit of Rs853 million for the 3rd Quarter of the current financial year, according to the quarterly report for the period July-September 2002 presented at the 267th meeting of PIAC Board of Directors on Monday.

The meeting was chaired by Secretary Defence and Chairman PIAC, Lt-Gen (Rtd) Hamid Nawaz Khan.

The results for the period January-September 2002 shows a pre-tax profit of Rs.1.40 billion, according to the report presented by PIA’s Director Finance.

Apprising the meeting of the main factors for improvement in earning and better results, he said that route restructuring, weeding out of uneconomical routes and cost cutting measures helped PIA to attain this profitability.

The report said that market showed positive development in the third quarter, as passenger and cargo capacity floated during the quarter reflects increase of 8.7pc and 13.38pc respectively over the second quarter.

Likewise capacity utilization indicated increase of 21.09pc and 23.53pc for passenger and cargo business over the second quarter and passenger seat factor and cargo load factor highest at 72.86pc and 65.22pc over the first two quarters of the current year.

The improved financial position of the airlines enhanced the scope for the implementation of its investment programme for replacement and renewal of aircraft fleet.—APP