The Pakistan International Airlines (PIA) has reported a significant financial turnaround in its 2024 audit report.  According to the audit report, PIA recorded a profit of Rs 51.74 billion, marking a 42.90 percent increase from the previous year.  In 2023, PIA had posted a profit of Rs 36.2 billion, according to the report. The audit further highlights that losses were reduced by 82 percent, falling to Rs 15.35 billion in 2024 compared to Rs 87.26 billion in 2023. 

Despite the improvement in profit and loss figures, PIAís revenue declined by 7.68 percent, dropping from Rs 259.59 billion in 2023 to Rs 239.65 billion in 2024.  The report attributes the financial recovery to a 15.88 percent reduction in overall expenses, which stood at Rs 187.92 billion in 2024.  A 22.92 percent decrease in jet fuel costs and reduced spending on other services contributed to this decline.  However, the report also notes a 36.62 percent increase in administrative expenses, which rose to Rs 25.75 billion in 2024.  

Credit: Independent News Pakistan (INP)