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passenger capacity by 17.9% which was
satisfactorily absorbed. A 16.5% growth
in international traffic resulted in an overall
passenger traffic growth (RPKs) of 13.6%.
A growth of 15.5% in freight traffic was
also achieved.
Network Expansion
& New Destinations
During the year, the Corporation added
new destinations and increased flight
frequency to some points. Furthermore,
PIA worked extensively in improving its
positioning with the ethnic traffic in Europe,
North America and the Middle East.
777-200 flights were introduced to
Toronto, Chicago and London resulting
in increased capacity and better
product quality
Daily 747 flight was introduced to
Manchester
PIA added 3 new destinations
Houston, Moscow and Milan to its
international network. PIA now
operates to 3 points in USA – New
York, Chicago, Houston and to 2 points
in Italy – Rome and Milan.
* Available Freight Tonne Kilometers
2004 2003
(Rupees in million)
Revenue 57,788 47,952
Cost & Expenditure 56,951 44,252
Profit before tax 837 3,700
Profit after tax 2,307 1,299
14 PIA Annual Report 2004
While striving for growth, management’s
focus is on maintaining a judicious balance
between capacity and traffic and
endeavoring yield improvements through
tactical adjustments in fares according to
market opportunities.
Haj and Umra
Operations
PIA’s recent concluded Haj operations
was conducted from 5 gateways of
Pakistan viz Karachi, Lahore, Islamabad,
Peshawar and Quetta and a total of
130,128 Hajis traveled on special Haj
flights. During Umra season,
approximately 56,518 passengers were
carried by PIA compared with 32,482
passengers carried in 2003.
Higher fuel Bill
PIA’s fuel bill has gone up from Rs. 11.6
billion in 2003 to Rs. 17.9 billion in 2004
representing an increase in expenditure
of Rs. 6.3 billion. Out of the increase of
Rs. 6.3 billion, the impact due to 38%
price increase is around Rs. 5 billion and
increase due to higher quantity is around
Rs. 1.3 billion.
Financial Performance
The airline’s total revenues increased by
20.5% over last year to Rs. 57.788 billion
(2003: Rs. 47.952 billion)
The airline’s total assets increased
by 39.1% to Rs. 78.677 billion (2003:
Rs. 56.566 billion) (including cash
balances of Rs. 10.838 billion) as at
December 31, 2004. Shareholders’ funds
stood at Rs. 13.441 billion as at December
31, 2004 (2003: Rs. 6.673 billion) up by
Rs. 6.768 billion.
Fleet Renewal
The Corporation initiated a long-term
fleet modernization plan in the year 2002
for induction of eight Boeing B-777-
200ER wide body aircraft with a view to
replace and renew the aging fleet. It
has successfully completed the first
phase of the fleet renewal plan by
inducting three B-777-200ER aircraft
powered by G.E. Engines during
January-March 2004 quarter.
Further during 2003, the Corporation
entered into a contract with Airbus
(Rupees in billion)
Increase in paid up capital
5.015
Increase in un-realized gain on
re-measurement of investments
0.022
Decrease in accumulated loss
1.731
Total
6.768
15
Industries for lease of six used A310-300
aircraft with a purchase option. The first
of the six aircraft was delivered in
December 2003 and the remaining five
aircraft were added in the fleet in the first
half of year 2004. The induction of Boeing
777-200ER and A310-300 has improved
product offerings and resulted in
increasing the market share. Plans are
also underway to replace Fokker fleet with
a newer Turboprop aircraft in 2005.
US Ex-IM Financing
In December 2003, PIA and US EX-IM
concluded the financing agreement of
US$ 345 million for three Boeing 777
aircraft. PIA had appointed Citigroup as
the guaranteed lender for the US Ex-Im
Bank financing in December 2003. During
2003, PIA evaluated the various financing
options provided by Citigroup and
selected Liquidity Enhanced Guaranteed
Extendable Notes (LEGEN’) a financing
product of Citigroup, as it offers more
switching options from floating rate to
fixed rate and more importantly provides
an opportunity to raise funds at sub-Libor
priced financing. Under this financing
structure, short term notes were issued in
the US market to be rolled over every 90
days. This is the first time a Pakistani entity
has entered the short term US market.
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