Pakistan International Airline (PIA) is all set to achieve an annual profit for the first time in more than two decades.
The airline achieved earning per share of 5.01 rupees in year ended December, marking its first profitable year since 2003, according to report.
The result will be submitted to the airline’s board and then will be released publicly.
The development has come at a time when the government is planning to sell the national carrier.
Bloomberg reported that after a failed bid to sell PIA last year, the government is making another attempt, with initial bids due this month.
Last month, Minister for Privatisation and Investment Abdul Aleem Khan announced that the government would complete all necessary steps to privatise Pakistan International Airlines Corporation Ltd (PIACL) within three months.
“There is no doubt the airline has the potential to become profitable again,” the minister asserted, adding that this time, the privatisation process would be more effective and feasible, which would positively influence the overall outcome of this transaction.
To make the sale more attractive, Pakistan transferred about 3/4 of the airline’s debt to government books. It has now removed all the debt, and the companies that participated earlier have shown renewed interest, Usman Bajwa, the secretary at the privatization commission, said in February.
