- Web Desk
- 1 Hour ago
PIA could face Rs112b loss this year, warns new CEO
- Web Desk
- Aug 10, 2023
ISLAMABAD: The recently appointed CEO of Pakistan International Airlines (PIA), Air Vice Marshal Amir Hayat (Rtd.) stated on Wednesday that the national flag carrier might face a potential loss of Rs 112 billion in the current year.
During a press briefing, the PIA CEO pointed out that the PIA had suffered a total loss of Rs80 billion in 2022 because of old loans and interest payments.
He added that the PIA had a debt of Rs742 billion which has been passed on to the current management.
The airline’s CEO warned that if the airline is not restructured, its annual loss would reach Rs259 billion in 2030.
He further said that the airline was in the process of hiring a financial advisor to facilitate the restructuring of PIA.
Read more: PIA gets new CEO for one year
Earlier today, he was appointed as CEO of PIA. According to a PIA spokesperson, the appointment of Muhammad Amir Hayat has been made for a year.
The prime minister had rejected the recommendation to appoint the PIA CEO for three years.
Previously the retired Air Vice Marshal was working as acting CEO of PIA.