Chairman briefs course participants on PIA performance

ISLAMABAD—Fifty Four Participants of 87`x' National Management Course (NMC) from National School of Public Policy (NSPP) Lahore visited PIA Head Office today.
The course participant's were led by Chief Instructor NSPP Mr. Rahat-ul-Ain.
Chairman PIA, Mr. Zaffar A. Khan briefed the NMC participants on administrative, operational and aviation scenario related issues concerning Pakistan International Airlines Corporation (PIAC). After a detailed review of PIAC history which originates from PIAC Act of 1956 Chairman briefed the participants on airline's development issues, focusing Corporation's progressively-designed functional strategy and operational plan. The briefing session centered around challenging times for NA during 2006 - 07 whereby the management continued its accelerated emphasis on high standards of safety and engineering maintenance. The EU operating restrictions on some of PIA aircraft now stand modified effective 06.07.2007 which augurs well for the airline, the Chairman added.
The airline also has introduced cost cutting measures to partially offset its ongoing financial crisis. GOP support and airline's internal financial restructuring shall lead to phased reversal of existing problems, moving into multiple directions of positive and development specific achievements. At the same time, the Airline Management and the Board have agreed on a plan to accelerate the modernization of its fleet through cost effective means so as to aim for an average fleet age of around 10 years, it was emphasized. PIAC has signed a Letter of Intent for leasing of 07 new Airbus A-320-200 aircraft from Aviation lease and Finance Company Kuwait - which shall be inducted into PTA fleet during 2009. To offset accumulated financial losses principally occurring out of unprecedented rise in international market fuel prices during 2006-07, the management has undertaken steps to improve airline's operating and financial performance through putting together a revised operating plan for July - Dec. 2007 period.
This entails shutting down of loss making routes, enhancement of air fares and curtailment of operating costs. The Chairman emphasized that fuel hedging arrangements have been finalized with two international banks and PIA now is ready to undertake fuel hedging as soon as a sensible price opportunity arises.. On a more positive note, PIA has achieved the ISO-9001: 2000 Quality Management System (QMS) Certification of its key service delivery functions.—PR