KARACHI: The country’s flagship carrier Pakistan International Airlines is slipping further into losses by each passing day, and the management appears to have no clue how to saving the ‘sinking Titanic’.
Advisor to Prime Minister on Aviation, Sardar Mehtab Abbasi told a private TV channel that the airline’s losses have surged to $4 billion, because neither the government nor the airline’s management or its employees are ready to own it.
Sardar Mehtab, however, expressed hope the airline would be able to turn around its affairs if it utilizes its resources to the full. “There is a lot of talent, a lot of potential, if they [PIA] utilize their potential to the maximum then things can change,” he said.
The mounting losses even prompted the management to mull discontinuing flight operations to the United States, it was reported earlier. However, a PIA spokesperson had dismissed the reports, saying the airline was seriously considering devising an effective strategy to minimize expenses for running the US-bound flights but would continue the flights until further notice.
According to the PIA’s financial statement for up to September 2016, the airlines’ total liabilities have mounted to Rs349 billion, against only Rs113.8 billion worth of assets.