The woes continue for loss-making Pakistan International Airlines
The woes continue for Pakistan International Airlines (PIA) with ongoing losses amid allegations of mismanagement, deteriorating economic conditions and a worsening corporate image for the national carrier. Talk of bankruptcy has continued to surround the carrier. The carrier has generated losses amounting to PKR100 billion (USD1.15 billion) over the past three years alone, with losses continuing in 2011, including a USD59 million operating loss in the three months to Sep-2011.
While majority owner, the Pakistan Government, has continued to assert its intention on making the national flag carrier a profitable state entity, even it is tiring of the continued losses and scandal surrounding the carrier. Pakistan's Finance Secretary Dr Waqar Masood this month stated the Pakistani Government has turned down a PKR20 billion (USD232 million) bailout package requested by the carrier to aid its recovery from its "financial crisis", stating it would not continue to provide finances without a clear roadmap for the national carrier's financial and administrative restructuring.
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