KARACHI: Chairman of the Arif Habib Group and renowned businessman Arif Habib has said that Pakistan International Airlines (PIA) will become a profitable enterprise in its very first year under private management.
He added that the airline currently has 18 operational aircraft, and the fleet will gradually be expanded to 60 aircraft.
Speaking to the media for the first time after taking over the management control of PIA, Arif Habib said that PIA possesses an excellent engineering facility in Karachi, which will receive significant investment to enhance its capabilities.
He also stated that recruitment for senior management positions is underway and will be completed within the next one to one-and-a-half months. Under the terms of the privatization agreement, no employee will be laid off during the first year.
Arif Habib emphasized that PIA has never suffered an operating loss and possesses tremendous growth potential. He expressed confidence that the airline would post profits in its very first year following privatization.
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He noted that PIA currently owns 30 aircraft, of which 18 are operational. Four to five aircraft in the existing fleet can be restored and returned to service in the near future. Initially, these aircraft will be rehabilitated, while five wide-body aircraft will also be added to the fleet. Over the next five years, the fleet size is planned to increase to 60 aircraft.
