Pakistan International Airlines almost “turned the corner”

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Pakistan International Airlines (PIA) remains surprisingly optimistic for 2009, stating it had “just about turned the corner”, despite a more than doubling of losses last year. PIA’s operating loss reached USD383 million for 12 months ending 31-Dec-08, while net losses ballooned to USD456 million, compared to losses of USD74 million and USD215 million respectively in 2007. The carrier stated that due to improved passenger traffic, a drop in oil prices and relative stability of the Pakistani-Rupee in 4Q2008, it moved closer towards breaking even during the quarter, resulting in the carrier forecasting it will be profitable in 2009.

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