TC Mar-Apr 2021 Issue

TRADE CHRONICLE
Travel World
Operational losses brought down
to Rs680m in 2020: PIA
Pakistan International Airlines (PIA)
has announced its financial results for
2020 as it submitted audited accounts
with the Stock Exchange of Pakistan,
claiming that it had reduced its
operational losses from Rs6.130 billion
in 2019 to less than Rs680 million in
2020.
A PIA spokesman said
in a press release that
what had been termed
one of the worst year in
decades for the global
aviation industry whereby
even largest players in
the market had obtained
huge bailout packages
from their respective
governments to stay afloat,
PIA had come up with a
noteworthy performance,
nearly breaking even on
operational losses and
reducing its overall losses
by 33.7pc.
According to the airlines`
Emirates announces special
fares for Pakistani market
Emirates is launching special fares in
First Class and Business Class, so you
can now book your holiday for less and
plan to meet friends
and family. With
Emirates’ generous
booking policies,
customers have the
option to extend
ticket validity for up to
threeyears,enjoying
greater flexibility and
confidence when
planning travel during
unprecedented times.
Travellers in Pakistan
can look forward to
flight deals on all
routesin Emirates’
global network,
with return fares to
New York starting at
audited financial results for
the year 2020, PIA reduced
its operational losses
fromRs6.130 billion in 2019
to less than Rs680 million in 2020,
which would have been easily covered
if revenue streams had not also fallen
by nearly 35.7pc. PIA achieved a
revenue of Rs94.989 billion, down from
Rs147 billion achieved in 2019, the
main reason for which was Covid-19
onlyPKR 309,500 in Business
Class or PKR 618,280 in First
Class. Special fares areavailable
for bookings made from 13to 26
April 2021, valid for travel between 16
April and 30 September 2021 (Blackout
dates apply)
restrictions affecting all of PIA routes,
reducing the overall operations by
nearly half.
PIA Chief Executive Officer (CEO)
Air Marshal Arshad expressed his
satisfaction on the financial results and
acknowledged the team effort put forth
by PIA and the support extended to it
by all the stakeholders, including the
government of Pakistan.
He said PIA is making all
efforts to face and cope
up with Covid-19 scenario
and though the outlook
remains challenging in
2021 as well, it is hoped
that with the `support of
the government, Pakistani
customers and dedication
of PIA employees, we
will emerge stronger than
before.
The testing times shall
soon be over and the
strength acquired by
PIA with the reforms,
restructuring and financial
discipline will bear fruit in
the near future.
Having participated actively in the UAE’s
vaccination programme, Emirates is
confident that travel will resume in a
safe manner as we gradually restart
operations across our global network. To
date, over 35,000 Emirates employees
have received their COVID-19 vaccine
shot from one of the
Emirates’ vaccination
centres, with over
85% of airline pilots
and cabin crew
already completing
two vaccine doses.
Customers can
look forward to a
safe and stress-free
travel experience as
Emirates has placed
a heavy emphasis on
health and safety with
new comprehensive
measuresat every
step of the journey.
TRADE CHRONICLE - Mar - Apr - 2021 - Page # 37