PIA Revival Plan - 'PIA Two' to be Formed on Temporary Basis

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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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PM approves plan for PIA’s revival

IFTIKHAR A. KHAN

ISLAMABAD:
Prime Minister Nawaz Sharif has approved in principle a plan for revival of Pakistan International Airlines (PIA), aimed at bringing the national flag-carrier, currently running in losses of billions of rupees, to a break-even level within a year, by increasing revenue and taking cost-cutting measures.

Under the plan, 20 new generation, narrow-bodied and fuel-efficient planes will be inducted into the fleet with Airbus 320 and Boeing 737 as the preferred options, besides getting four Boeing 777 and then same number of ATR 72-500 aircraft on ‘dry lease’.

The decision comes at a time when all eyes are on the proposed privatisation of PIA.

The government has given a written assurance to the International Monetary Fund (IMF) that 26 per cent shares of PIA will be sold by the end of this year.

An official, when asked if the decision to invest heavily in PIA meant a shift in the plan to privatise the state owned airline, said the restructuring and privatisation could go together.

Chairing a meeting held on Sunday to review the reform and restructuring plan, including strategic partnerships, Finance Minister Ishaq Dar said that over the years, mismanagement and structural inefficiencies in the state-owned enterprises (SOEs) had marred public sector governance.

“Continuous injection of resources into the SOEs is fiscally not sustainable on an indefinite basis and the most viable option available is to structure them through strategic partnership with the private sector after 26pc off-loading of shares,” he said.

The Prime Minister’s Special Assistant on Aviation Shujaat Azim told reporters after the meeting that three planes had been obtained on lease, while tenders for getting 10 narrow-bodied aircraft had been floated and the bids were to be opened on March 7. He said that subsequently another seven planes would be inducted.

He said induction of new planes into the fleet was expected to generate annual revenue of Rs72 billion at 85pc seat factor and 12.5-hour utilisation per day.

Source: DAWN
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by smhusain_1 »

The government has to be mindful that the playing field is very narrow for PIA to realize it's potential. This plan may not succeed since we have bartered away most of the lucrative domestic and regional routes (on which it is based) to the big three Gulf carriers. The open skies policy, if it continues will be the undoing of PIA, and it's time to put this across clearly. Are we getting anything in return for being so generous with our airspace, our airports, and the flight of our passengers to these carriers?
Abbas Ali wrote:PM approves plan for PIA’s revival

IFTIKHAR A. KHAN

ISLAMABAD:
Prime Minister Nawaz Sharif has approved in principle a plan for revival of Pakistan International Airlines (PIA), aimed at bringing the national flag-carrier, currently running in losses of billions of rupees, to a break-even level within a year, by increasing revenue and taking cost-cutting measures.

Under the plan, 20 new generation, narrow-bodied and fuel-efficient planes will be inducted into the fleet with Airbus 320 and Boeing 737 as the preferred options, besides getting four Boeing 777 and then same number of ATR 72-500 aircraft on ‘dry lease’.

The decision comes at a time when all eyes are on the proposed privatisation of PIA.

The government has given a written assurance to the International Monetary Fund (IMF) that 26 per cent shares of PIA will be sold by the end of this year.

An official, when asked if the decision to invest heavily in PIA meant a shift in the plan to privatise the state owned airline, said the restructuring and privatisation could go together.

Chairing a meeting held on Sunday to review the reform and restructuring plan, including strategic partnerships, Finance Minister Ishaq Dar said that over the years, mismanagement and structural inefficiencies in the state-owned enterprises (SOEs) had marred public sector governance.

“Continuous injection of resources into the SOEs is fiscally not sustainable on an indefinite basis and the most viable option available is to structure them through strategic partnership with the private sector after 26pc off-loading of shares,” he said.

The Prime Minister’s Special Assistant on Aviation Shujaat Azim told reporters after the meeting that three planes had been obtained on lease, while tenders for getting 10 narrow-bodied aircraft had been floated and the bids were to be opened on March 7. He said that subsequently another seven planes would be inducted.

He said induction of new planes into the fleet was expected to generate annual revenue of Rs72 billion at 85pc seat factor and 12.5-hour utilisation per day.

Source: DAWN
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by smhusain_1 »

PIA's employees:aircraft ratio has to be restructured if this plan has to have any longevity. The Press release should have also included some change in the top heavy management. There cannot be two positions, it has to be one only a professional or a financial guru. Above all the the open skies policy which is bleeding the airline should also be the focus of attention.

smhusain_1 wrote:The government has to be mindful that the playing field is very narrow for PIA to realize it's potential. This plan may not succeed since we have bartered away most of the lucrative domestic and regional routes (on which it is based) to the big three Gulf carriers. The open skies policy, if it continues will be the undoing of PIA, and it's time to put this across clearly. Are we getting anything in return for being so generous with our airspace, our airports, and the flight of our passengers to these carriers?
Abbas Ali wrote:PM approves plan for PIA’s revival

IFTIKHAR A. KHAN

ISLAMABAD:
Prime Minister Nawaz Sharif has approved in principle a plan for revival of Pakistan International Airlines (PIA), aimed at bringing the national flag-carrier, currently running in losses of billions of rupees, to a break-even level within a year, by increasing revenue and taking cost-cutting measures.

Under the plan, 20 new generation, narrow-bodied and fuel-efficient planes will be inducted into the fleet with Airbus 320 and Boeing 737 as the preferred options, besides getting four Boeing 777 and then same number of ATR 72-500 aircraft on ‘dry lease’.

The decision comes at a time when all eyes are on the proposed privatisation of PIA.

The government has given a written assurance to the International Monetary Fund (IMF) that 26 per cent shares of PIA will be sold by the end of this year.

An official, when asked if the decision to invest heavily in PIA meant a shift in the plan to privatise the state owned airline, said the restructuring and privatisation could go together.

Chairing a meeting held on Sunday to review the reform and restructuring plan, including strategic partnerships, Finance Minister Ishaq Dar said that over the years, mismanagement and structural inefficiencies in the state-owned enterprises (SOEs) had marred public sector governance.

“Continuous injection of resources into the SOEs is fiscally not sustainable on an indefinite basis and the most viable option available is to structure them through strategic partnership with the private sector after 26pc off-loading of shares,” he said.

The Prime Minister’s Special Assistant on Aviation Shujaat Azim told reporters after the meeting that three planes had been obtained on lease, while tenders for getting 10 narrow-bodied aircraft had been floated and the bids were to be opened on March 7. He said that subsequently another seven planes would be inducted.

He said induction of new planes into the fleet was expected to generate annual revenue of Rs72 billion at 85pc seat factor and 12.5-hour utilisation per day.

Source: DAWN
smhusain_1 wrote:The government has to be mindful that the playing field is very narrow for PIA to realize it's potential. This plan may not succeed since we have bartered away most of the lucrative domestic and regional routes (on which it is based) to the big three Gulf carriers. The open skies policy, if it continues will be the undoing of PIA, and it's time to put this across clearly. Are we getting anything in return for being so generous with our airspace, our airports, and the flight of our passengers to these carriers?
Abbas Ali wrote:PM approves plan for PIA’s revival

IFTIKHAR A. KHAN

ISLAMABAD:
Prime Minister Nawaz Sharif has approved in principle a plan for revival of Pakistan International Airlines (PIA), aimed at bringing the national flag-carrier, currently running in losses of billions of rupees, to a break-even level within a year, by increasing revenue and taking cost-cutting measures.

Under the plan, 20 new generation, narrow-bodied and fuel-efficient planes will be inducted into the fleet with Airbus 320 and Boeing 737 as the preferred options, besides getting four Boeing 777 and then same number of ATR 72-500 aircraft on ‘dry lease’.

The decision comes at a time when all eyes are on the proposed privatisation of PIA.

The government has given a written assurance to the International Monetary Fund (IMF) that 26 per cent shares of PIA will be sold by the end of this year.

An official, when asked if the decision to invest heavily in PIA meant a shift in the plan to privatise the state owned airline, said the restructuring and privatisation could go together.

Chairing a meeting held on Sunday to review the reform and restructuring plan, including strategic partnerships, Finance Minister Ishaq Dar said that over the years, mismanagement and structural inefficiencies in the state-owned enterprises (SOEs) had marred public sector governance.

“Continuous injection of resources into the SOEs is fiscally not sustainable on an indefinite basis and the most viable option available is to structure them through strategic partnership with the private sector after 26pc off-loading of shares,” he said.

The Prime Minister’s Special Assistant on Aviation Shujaat Azim told reporters after the meeting that three planes had been obtained on lease, while tenders for getting 10 narrow-bodied aircraft had been floated and the bids were to be opened on March 7. He said that subsequently another seven planes would be inducted.

He said induction of new planes into the fleet was expected to generate annual revenue of Rs72 billion at 85pc seat factor and 12.5-hour utilisation per day.

Source: DAWN
smhusain_1 wrote:The government has to be mindful that the playing field is very narrow for PIA to realize it's potential. This plan may not succeed since we have bartered away most of the lucrative domestic and regional routes (on which it is based) to the big three Gulf carriers. The open skies policy, if it continues will be the undoing of PIA, and it's time to put this across clearly. Are we getting anything in return for being so generous with our airspace, our airports, and the flight of our passengers to these carriers?
Abbas Ali wrote:PM approves plan for PIA’s revival

IFTIKHAR A. KHAN

ISLAMABAD:
Prime Minister Nawaz Sharif has approved in principle a plan for revival of Pakistan International Airlines (PIA), aimed at bringing the national flag-carrier, currently running in losses of billions of rupees, to a break-even level within a year, by increasing revenue and taking cost-cutting measures.

Under the plan, 20 new generation, narrow-bodied and fuel-efficient planes will be inducted into the fleet with Airbus 320 and Boeing 737 as the preferred options, besides getting four Boeing 777 and then same number of ATR 72-500 aircraft on ‘dry lease’.

The decision comes at a time when all eyes are on the proposed privatisation of PIA.

The government has given a written assurance to the International Monetary Fund (IMF) that 26 per cent shares of PIA will be sold by the end of this year.

An official, when asked if the decision to invest heavily in PIA meant a shift in the plan to privatise the state owned airline, said the restructuring and privatisation could go together.

Chairing a meeting held on Sunday to review the reform and restructuring plan, including strategic partnerships, Finance Minister Ishaq Dar said that over the years, mismanagement and structural inefficiencies in the state-owned enterprises (SOEs) had marred public sector governance.

“Continuous injection of resources into the SOEs is fiscally not sustainable on an indefinite basis and the most viable option available is to structure them through strategic partnership with the private sector after 26pc off-loading of shares,” he said.

The Prime Minister’s Special Assistant on Aviation Shujaat Azim told reporters after the meeting that three planes had been obtained on lease, while tenders for getting 10 narrow-bodied aircraft had been floated and the bids were to be opened on March 7. He said that subsequently another seven planes would be inducted.

He said induction of new planes into the fleet was expected to generate annual revenue of Rs72 billion at 85pc seat factor and 12.5-hour utilisation per day.

Source: DAWN
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by Abbas Ali »

Bahrain’s Gulf Air could be a prospective bidder for acquiring 26% shares of Pakistan International Airlines that the government wanted to sell to strategic investors, said Miftah Ismail, Special Assistant to Prime Minister Nawaz Sharif and Board of Investment (BoI) chairman.

Source: tribune.com.pk
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by Squawk_1200 »

Wonder what the government had on its mind. A troubled airline with the very same financial and operation problems will be a " strategic investor" investing into another troubled airline. wonder how that math is going work on the long run. Outcome does not seems promising or optimistic.
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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Advertisement given in today's (March 20) newspaper by Privatization Commission.

Government of Pakistan

Ministry of Finance, Revenue, Economic Affairs, Statistics & Privatization

Privatization Commission

Invitation for Expression of Interest (EoI) for appointment as Financial Advisor for Pakistan International Airlines Corporation (PIAC)


EoI for appointment as Financial Advisors (FA) for restructuring of Pakistan International Airlines Corporation (PIAC) leading to private sector partnership in core operations.

PIAC, the national flag carrier, was incorporated in 1955 and operates under the Pakistan International Airlines Corporation Act, 1956 (the Act), PIAC is listed on all the three domestic stock exchanges. Government of Pakistan (GoP) is the principal shareholder, holding 85% of the share capital, while 8% is held by Benazir Employees Stock Option Scheme (BESOS) PIA Employees Empowerment Trust. GoP, through the Privatization Commission (PC) intends to restructure its national flag carrier leading to private sector partnership in core operations of PIAC to enable the airline to re-build on its improved operating performance. Broad objectives to restructure and bring private sector partnership is to promote rapid development and modernization of PIAC through the help of strategic private sector partner which will facilitate injection of private sector capital, skills and technology to upgrade PIAC operational and financial performance; maximize sale proceeds besides enhancing the value of GoP residual shareholding whilst widening the ownership base; and re-define the role of government from an owner-operator to a regulator.

The GoP through PC intends to appoint a Financial Advisor (FA) to assist it in obtaining its above objectives. The FA scope of work will be all encompassing and is envisaged to be carried out in two phases (i) Formulation of restructuring & divestment strategy and its implementation; and (ii) facilitating private sector partnership in the core operations of PIAC. The activities will include but not to be limited to conducting a strategic review of the airline's operations and financial conditions; producing a detailed action plan which reconciles with the Government's objectives whilst identifying practical constraints knowing the commercial realities of the industry; separating core & non-core functions in sustainable manner; determining financing needs as well as legal and regulatory requirements; designing an equity and transaction structure; identifying the characteristics of potential investors; evaluating the bids; recommending a preferred partner and negotiating with prospective partners. For successful completion of the transaction, FA shall engage multidisciplinary team of experts with proven experience in corporate restructuring & privatization of airline(s), financial restructuring, airline operations & management, legal review and analysis, technical and financial due diligence, human resource management etc. Further details of the envisaged scope of work will be available in the Request for Proposal (RFP) package.

Interested Parties (IPs) are requested to submit an Expression of Interest (EoI), not exceeding 25 pages, showcasing their expertise to undertake the assignment besides demonstrating track record of successfully managing and executing similar transactions.

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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by imran747 »

gulfair to invesst in pia amazing. or is this gulf air corporation of cayman islands owned by you know who
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by altitude »

imran747 wrote:gulfair to invesst in pia amazing. or is this gulf air corporation of cayman islands owned by you know who
who is the owner? Mian Ganju :-k ???
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

Post by Amaad Lone »

Please let it go.

Its not the job of a government to run an airline.

Look at PIA in 10 years and look at Shaheen.

PIA needs a lot of investment to get back on its feet, and the government cannot do it.

let someone take it.

Mian Ganju or Mian Zardari.

who cares.
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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Date for submission of proposals for Financial Advisory Services for restructuring of Pakistan International Airlines Corporation (PIAC) leading to private sector partnership in core operations has been extended according to following message in today's (April 26) newspaper:
due to numerous requests from the interested parties, the last date for submission of Expression of Interest (EoI) and technical and financial proposals has been extended by the Privatization Commission till May 9, 2014.
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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Government delays PIA privatisation

Khaleeq Kiani

ISLAMABAD:
The divestment of government shares in Pakistan International Airlines (PIA) planned for current fiscal year has been delayed significantly due to restructuring and procedural reasons.

Minister of State and Chairman Privatisation Commission Muhammad Zubair told journalists on Wednesday that sale of core business of PIA was now being targeted for June 2015 instead of December 2014. Before privatisation, the heavily overstaffed and indebted national carrier would be divided into at least five subsidiaries for managing surplus employees.

The government had planned to complete the sale of PIA in December 2014 by June 2014 under an agreement with the International Monetary Fund (IMF).

Zubair disclosed these delays on the day Pakistan started in Dubai discussions with the IMF for third review of $6.78 billion bailout package secured in secured in September 2013.

Explaining the restructuring and transaction structure of the PIA, the privatisation chief said the core business of PIA – planes, airline routes and staff required for running of planes – would be transformed into a new subsidiary of PIA Holding Company that would be free of all losses and liabilities with a clean balance sheet.

He said the bifurcation of PIA assets and various businesses like kitchens, hotels and liabilities and regulatory verification of their balance sheets and meeting mandatory requirements for transparency was quite a lengthy process and hence it would not be possible to take PIA to sale counter by the deadline of December this year.

He expected about 50 per cent shares of the core PIA to be sold early next year. Simultaneously but separately, the second PIA subsidiary comprising two luxury hotels – Roosevelt in New York and Scribe in Paris – would also be sold. The proceeds of these two entities would be used to pay off some of the liabilities of the company.

He said a number of subsidiaries would be carved out of PIA holding company and would be sold one after the other while dealing with the staff in gradual manner. Some of the surplus staff would be offered voluntary separation scheme.

He said talks were also going on with friends in Dubai and Qatar for placement of some of the PIA surplus staff for next football World Cup in Qatar and 20-20 cricket matches in Dubai.

He said the PIA’s two hotels in New York and Paris were expected to fetch $600 million. When reminded that some parties had earlier offered $1 billion for Roosevelt New York, he said he had to manage these expectations.

Source: DAWN
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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Date for submission of proposals for Financial Advisory Services for restructuring of Pakistan International Airlines Corporation (PIAC) leading to private sector partnership in core operations has been extended according to following message given by Privatisation Commission (privatisation.gov.pk) in today's (May 10) newspaper:
due to numerous requests from the interested parties, the last date for submission of Expression of Interest (EoI) and technical and financial proposals has been extended by the Privatization Commission till May 30, 2014.
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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PIA sell-off: PC kicks off process of picking financial adviser

By Shahbaz Rana

Published: July 2, 2014

ISLAMABAD:
As the government formally begins the process of hiring a financial adviser to sell its stake in Pakistan International Airlines (PIA), it has decided to pick a communication strategy firm as part of a consortium of advisers to meet the expectations of stakeholders.

Five international consortia, which were vying for appointment as the adviser, gave presentations to the Privatisation Commission (PC) on Tuesday.

Every consortium must have a communication strategy firm in its fold, which can frame a plan on how to manage expectations of people with the aim of carrying out PIA privatisation smoothly.

The government is facing resistance from opposition parties, particularly the Pakistan Peoples Party, which is opposed to the privatisation of PIA and Pakistan Steel Mills.

The PPP during its five-year stint hired thousands of loyalists in these state-owned enterprises and now wants to protect them.

The financial adviser will prepare a restructuring plan, resulting in partnership with the private sector in core operations of PIA. Separately, the government will hire a financial adviser to sell PIA’s two hotels in New York and Paris.

Under the $6.7-billion International Monetary Fund loan programme, Pakistan has committed to selling 26% shares in PIA to strategic investors. Initially, the deadline was June 2014, which has now been revised to June 2015.

The government was supposed to hire a financial adviser by December 2013, but the deadline was revised twice to June 2014. This target has also been missed.

“In the next two weeks, the Privatisation Commission will be able to hire a financial adviser for the strategic sale of PIA,” commented Mohammad Zubair, Chairman of the commission.

He said he was pretty comfortable with the consortia and an evaluation committee, responsible to recommend a consortium to the PC board, would now assess the technical and financial bids.

Zubair said PIA’s sell-off was not as simple as many believed and the adviser would have to do a lot of work including meeting expectations of all stakeholders.

The adviser will come up with a report on the technical and financial aspects of PIA after conducting due diligence.

Five international consortia have responded to the government’s advertisement.

The first consortium comprises Jefferies – an international investment bank, ICF SH&E, which has been rebranded recently as ICF International, Shajar Capital, Charles Russell of the United Kingdom, Irfan & Irfan, BDO Ebrahim, Aon Hewitt and Consulum.

ICF International is a leading provider of consulting services and technology solutions. Consulum is an international communication strategist.

The second consortium includes McKinsey, MCB Bank, RIAA and Deloitte.

The third consortium consists of EY of the UK, Seabury – a global advisory and investment bank, Haidermota BNR, Freshfields Bruckhaus Deringer, UBL, Excelerate and Mediators Private Limited.

The fourth consortium includes Rothschild – a financial advisory group, Oliver Wyman – an airline economic analysis firm, Mercer Consulting, Khalid Majid Rehman, Hassan Kaunain Nafees – a legal firm and Pinetree Capital.

The fifth consortium comprises Dubai Islamic Bank, IATA Consulting, which has expertise in aviation business, Deloitte, Haidermota BNR, Freshfields Bruckhaus Deringer, Abacus Consulting, APCO – a communication strategy firm and Prestige.

Source: tribune.com.pk
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Re: PIA Revival Plan - 'PIA Two' to be Formed on Temporary B

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According to news sources, Chairman Federal Board of Investment / Minister of State For Privatization Muhammad Zubair has said:

* The process of PIA privatization will start with the appointment of Financial Advisor for the airline on Tuesday (July 22).

* PIA privatization process will be completed by the end of June next year.

* The airline is now suffering loss of seven hundred million rupees per month.

* In PIA there are 600 employees per aircraft. There's an average of 200 employees per aircraft in airlines around the world.

* There are fifty percent extra employees in the airline. The airline's workforce will be reduced.

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