KARACHI, April 30: PIA chairman Chaudhry Ahmed Saeed said here on Thursday that a high-level committee had been constituted to look into the "imbalances" created in the overall functioning of the airlines during the past several years.

Speaking at the annual dinner of the Flight Engineers National Association on Thursday, he said the PIA had achieved a record pre-tax profit of Rs3.7 billion in 2003, which was 75 per cent higher than the profit earned during the previous fiscal year.

The PIA chief attributed the financial stability of the airline to the government's assistance and said no other government would do so in future. He urged the officers and workers to work with honesty and dedication to bring laurels to the airlines.

The PIA chairman said cash awards of Rs50,000 to Rs100,000 would be given to best staffers in each department of PIA. Speaking about the restoration of trade union activities in the airlines, he that the possibility of restoration of trade unions is bleak as "unfortunately union culture has not been that positive and beneficial as it should have been".

The PIA chairman said he had no reservations on the restoration of union activities, if they were aimed at betterment of the airline. Earlier, Fena president, Malik Tariq Ali, in his welcome address lauded the efforts of the PIA chairman, and said in a short span of three years, the financial health of the airlines had improved considerably and the load factor had gone up.

He congratulated the airline chief on declaration of a profit of Rs1.4 billion in the first quarter of this year and the smooth induction of Boeing 777s. The Fena president said the welfare of the PIA employees was wedded to the sound financial health of the airline.

"Now that the airline is on sound footing, it is time to consider the restoration of legitimate trade union activities, negotiate new working agreements and other welfare activities. The general secretary of FENA, Aziz Soharwardi, also spoke.