KARACHI, Oct 27: Pakistan International Airlines Corporation (PIAC) earned a pre-tax profit of Rs904 million for the third quarter ended September 30, 2003.

The 274th meeting of PIAC Board of Directors held here on Monday with its chairman Ahamd Saeed in the chair discussed and approved the accounts for the period cleared by the Audit Committee. The PIAC earned a pre-tax profit of Rs2.431 billion for the period January-September 2003.

It was informed that the after tax profit for the Jan-Sept 2003 stood at Rs1.024 billion which was higher than the corresponding period of the last year.

The board was informed that during the nine months of 2003 passenger capacity and passenger traffic registered double digit growth, seat factor improved to 76 per cent from 73 per cent of last year, revenue increased by Rs0.7 billion from Rs10.9 billion last year to Rs11.6 billion this year.

PIAC chairman Ahmad Saeed said the airline’s economics had now been reset and it could confidently look forward to continuing growth, profitability and improved service quality.

The meeting was apprised that the main factors contributing for improved economic health of the national carrier including deployment of extra capacity in high yield markets like UK, Canada and US, weeding out of uneconomical routes expanding operation to new destinations of Chicago and Mushhad.

The board appreciated efforts of the PIAC management in improving overall performance of the airline.—APP