KARACHI, Feb 27: Pakistan International Airlines has achieved financial turnaround in the shortest possible time as a result of corrective measures taken by its management, which would go long way in improving the airline’s credibility for fleet renewal and future plans.

Talking to PPI here on Wednesday, PIA managing director Ahmad Saeed said the airline recorded operating profit of Rs300 million in second half of 2001 (July-December) and “if fuel prices remain at present level this year, PIA would probably make profit of Rs4 billion in 2002, as against budgeted estimated profit of Rs2.4 billion.

He said PIA was also meeting its debt repayment obligations and other commitments on due dates.

Mr Saeed said since taking over as MD he took immediate steps to reduce losses, which came down to Rs400 million in June last year and to Rs90 million in July 2001. PIA achieved break-even in August, September, October and November, while in December 2001 made Rs200 million profit. In January this year the airline made profit of Rs300 million.

He said PIA would soon start regular flights to Afghanistan from Peshawar. “Whatever role will be given to carry cargo and other requirements in PIA’s competence will be done. Whatever is commercially viable in resuming flights to Afghanistan we will capitalize on that,” he noted.—PPI