PIA EARNS RECORD REVENUE OF RS107BN
FOCUSING ON HUMAN RESOURCE DEVELOPMENT
Apr 4 - 10, 2011
Despite difficult economic conditions the national flag carrier earned a record revenue of Rs107.53 billion in 2010 and posted a gross profit of over Rs14 billion, which was not a bad performance in the given circumstances especially amid an atmosphere of non-cooperation by some of the segments of the employees.
At the 331st Board of Directors Meeting last week the PIA Board approved the financial statements for financial year 2010 which shows that PIA posted highest revenue in its history despite unfavorable economic and security situation.
The total revenue earned was Rs107.53 billion which was 13.7 per cent high as compared to the last year. The gross profit for the year was Rs14.972 billion. While the corporation has posted a net profit from operations of Rs720 million as compared to a net loss from operations of Rs3,191 million in the preceding year, the loss before tax amounted to Rs8,580 million compared to Rs12,434 million during 2009. However, the improvement in operating results was substantially eroded due to significant increase in tax expense amounting to Rs12,205 million as compared to tax income of Rs7,486 million in the previous year, resulting in an after tax loss of Rs20,785 million.
The deferred tax charge of Rs.11.122 billion has resulted from significant decline in the fair value of aircraft as of December 31, 2010. However, it has no impact on the cash flows of the corporation. The Board decided to hold the next Annual General Meeting on April 30, 2011.
FIRST IATA AUTHORIZED CENTER IN SOUTH ASIA
PIA has passed through some difficult times during recent years because of economic depression as well as uncertainty due to political noise prevailing in the country for quite sometimes. Its leadership besides initiating steps for improvement in the performance has also taken steps for human resource development within the organization.
In this respect, the up gradation of the PIA Training Centre as well establishment of an Industrial Home for the low paid staff and their families is a step which other public sector organizations should also follow to eradicate poverty level in the society.
In this direction of human resource development within the country as well as provision of training facilities to over 30 countries, PIA got international recognitions. PIA Training Centre (PTC) is the first IATA Authorized Training Centre in South Asia.
PIA training Centre is an internationally recognized airline training centre for conducting comprehensive training in the major fields of commercial aviation with latest training aids and equipment and has been providing training according to the industry's requirements and standards of Pakistan Civil Aviation Authority (PCAA) and the International Civil Aviation Organization (ICAO) to a large number of pilots, engineers, cabin crew, passengers handling services and marketing and sales professionals from over 30 airlines in the world.
PIA in collaboration with IATA would provide quality training that will benefit the travel, cargo agencies, and regional airlines. PIA Training Centre will offer IATA courses for the aviation sector. Its instructors will conduct IATA courses at the centre as well as at other locations.
The IATA certified training courses initially will include Airline Marketing, Finance, Marketing Management, Ground operations, Cargo, Dangerous Goods Regulations (DGR) and Airline Cabin Crew training courses etc. More IATA certified courses will be offered in the future. This initiative will earn additional revenue for the airline.
Recently a ceremony was held at PIA Training Centre where the Country Head IATA (Pakistan), Mustafa Khan handed over the Authorized IATA Certified Training approval to Deputy Managing Director PIA, Saleem Sayani.
Deputy Managing Director PIA speaking on the ceremony said that PIA Training Centre has played a major role in creating airline professionals for the airlines industry in the region. "We are proud to say that most of the airlines of the region are trained by PIA Training Centre since 1960," he added.
Dilawar Fareed Beg, Director Training & Development PIA, and his team especially the Employee Training Unit certainly deserve a word of appreciation for their immense efforts and initiative for making PTC an Authorized Training Centre of IATA and making PTC a centre of excellence and one of the best training institutions of the entire region.
PIA INDUSTRIAL HOME
The setting up of a new project i.e. PIA Industrial Home a step taken by Zareen Khan Yousufzai, wife of MD PIA deserves appreciation. Managing Director PIA, Nadeem Khan Yousufzai at the inauguration ceremony offered his full support for the success of this project.
PIA Chief said that the project is the vision of Shaheed Benazir Bhutto that has been taken up by the management of PIA and over the years, the number of female employees in the national carrier has increased. While working as a family, we believe in giving more power to the women in the airline, and support them in their efforts to make a healthy working environment within the organization.
PIA Industrial Home has been set up for the development of the low cadre staff; their female family members will be employed here and will help their families by earning bread and butter for them. These women will be paid Rs7,000 per month and they will stitch uniforms for low cadre staff from pay group 1 to 4, said Mrs. Zareen Khan Yousufzai.