The board discussed and approved the accounts for the period January-December 2003, duly cleared by board's audit committee.
This year, the airline recorded a growth of Rs 4.28 billion in revenues which were Rs 47.95 billion as against Rs 43.67 billion in 2002.
The board was informed that the profit of Rs 3.70 billion for the period January-December 2003, was Rs 1.59 billion more than the corresponding period of the last year.
The growth was registered despite 15 percent average increase in fuel prices during 2003. Total additional impact comes to Rs 1.5 billion. PIA also gave raise in salaries to its employees during the year with the additional impact of Rs 12 billion.
While making a presentation on PIA marketing performance, the board was apprised that performance of the national carrier during the 2003 has been mainly revenue-based, dependent upon the expanding route network and optimal use of capacity in the prime markets.
This is in contrast to the financial recovery experienced in 2002 which was based mainly on cost-cutting and administrative measures as well as consolidation of operations.
The board was informed that in order to counter the 6th freedom carriers' operating under the unfair Open Skies Policy of previous years, the airline is maintaining its thrust on route expansion and capacity utilisation for enhancement of revenues and profitability during 2004.
The board was further informed that by December 2004, international route network would be enhanced up to 50 destinations inclusive of Houston, Los Angles and Shanghai and PIA is introducing a third weekly freighter flight from April 2004.
The board was informed that presently PIA has a share of 74 percent on the domestic competitive routes and is further planning to restructure its schedules effective May 1, 2004 on the Karachi-Lahore and Karachi-Islamabad routes.
During the first quarter of 2004, the airline achieved a passenger traffic growth of 15.5 percent over 2003 level, surpassing budget by 3.2 percent whereas seat utilisation was 74.2 percent against the target of 70.2 percent and passenger yields also showed an improvement of around 7 percent.
The board was apprised about major IT projects in progress; PIA's owned properties; achievements made in public affairs.
The meeting chaired by PIAC chairman Ahmad Saeed was attended by additional secretary, Ministry of Defence, Major General Muhammad Ashraf Chaudhry (Retd), director-general, Civil Aviation Authority, Air Marshal Pervez Akhtar Nawaz (Retd), Asad Ali Khan, M.H.K. Khaishgi, Syed Mohammad Fazal Agha, Jawed Saifallah Khan, Dr Sughra Junejo, S. Ali Raza and Zakir Mahmood.-PR