By Our Special Correspondence
LAHORE MIRROR – The news circulating on social media about the uncertain future of Pakistan International Airlines (PIA) is a deliberate attempt to harm the airline. These rumors are being spread by individuals who have no allegiance to the country or its institutions, with malicious intentions of damaging this vital national institution for their own gain.
Sources within PIA confirm that these rumors of PIA’s closure are being propagated by entities seeking to privatize this crucial national asset.
These sources reveal that after PIA’s financial difficulties improved, the airline has been able to procure necessary aircraft parts.
The reintegration of grounded aircraft into the fleet has enhanced flight schedules, and PIA’s daily revenue is gradually increasing. The airline has also finalized its flight schedule for the upcoming winter season, effective from October to March.
Those familiar with the national airline emphasize its historical significance, with a global network and substantial assets worldwide. Assets include properties like the Roosevelt Hotel in New York, the Scribe Hotel in Paris, and valuable offices across Pakistan.
While some mention PIA’s liabilities, they fail to acknowledge that PIA’s assets are significantly greater, potentially three times the value of its debts.
In the aviation industry, an airline’s most valuable assets are the routes and landing permits acquired through extensive efforts.
PIA holds these essential licenses at some of the world’s busiest airports, making them invaluable.
Comparing PIA’s assets to its debts reveals that they may even exceed its liabilities. Accusations of corruption within PIA’s banking sector are unwarranted.
For instance, selling PIA’s Roosevelt Hotel in New York at market value could significantly enhance PIA’s cash flow and allow for further fleet expansion.
Aviation experts highlight that over six million passengers choose PIA annually, and more than one million expatriates from Pakistan travel directly with PIA each year.
This volume of passengers and access to the world’s busiest airports position PIA for profitability.
The primary reason for PIA’s current challenges is the delayed incorporation of modern aircraft. However, sources suggest there is still an opportunity to revive PIA.
Urgent action is required to restructure PIA’s debts, with the government of Pakistan taking responsibility for this in the initial phase. Foreign assets of PIA should be sold to reduce debts and facilitate the induction of new aircraft.
Aviation experts estimate that PIA’s monthly revenue currently exceeds billions of rupees, potentially reaching more than twenty-five billion annually. With such substantial revenue, PIA’s air operations can return to profitability when managed effectively.
