CAA reports Rs2.3bn surplus revenue

Abbas Ali · Post by **Abbas Ali** » Thu Mar 16, 2006 12:45 pm

KARACHI: The Civil Aviation Authority (CAA) has declared surplus revenue of Rs2.3 billion during the first half of the financial year 2005.

It was informed in the board meeting of CAA at its headquarters in Karachi on Wednesday under the Chairmanship of Lt Gen (Retd) Tariq Waseem Ghazi, Secretary Defence and Chairman CAA, said a press release.

They discussed audited accounts of CAA for the year 2004-05 and progress on the mega projects undertaken by the CAA.

The board was informed that the revenue surplus figures had been increasing gradually since 2003. The surplus was Rs3 million in 2003, Rs855 million in 2004 and finally it jumped to Rs2.4 billion during 2005. However, half-yearly accounts up to December 2005 recorded a surplus of Rs2.3 billion and this is expected to go up to Rs4.5 billion for the current financial year, the press release added.

The board also noted that there was only 2 per cent increase in expenditures during this period. The board was apprised that Rs4 billion loans had been paid well in advance during this period resulting in reduced cost of financing.

It was also noted that the CAA was focusing on the mega projects including new Gwadar International Airport, major upgradation of Multan airport and construction of new Islamabad International Airport.

The new Islamabad Airport project was earlier planned on BOT basis due to financial constraints.

However, with the present financial position the project is being taken up with CAAÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s own resources with a meager amount of borrowed financing, which would paid off within first two years after completion of the project.

Source: The News

Imran Hassan · Post by **Imran Hassan** » Thu Mar 16, 2006 4:46 pm

What of the Multan Airport is being upgraded?

malpensa26 · Post by **malpensa26** » Thu Mar 16, 2006 5:03 pm

some money needs to be invested in the drab, dull, and boring jinnah terminal

Valkyrie · Post by **Valkyrie** » Thu Mar 16, 2006 5:15 pm

A low cost airport dedicated to general aviation (flying clubs, charter & corporate) would be good idea. There are a few disused airstrips on the outskirts of Karachi that could be refurbished for this purpose.