‘PIA suffers Rs 6.1bn loss in 3 months’

Minister for Defence Chaudhary Ahmad Mukhtar on Tuesday informed the National Assembly that Pakistan International Airlines (PIA) suffered a loss of Rs 6.1 billion from February to April 2011.

Replying to a calling attention notice raised by Abdul Waseem, Abdul Rashid Godil and others regarding loss of Rs 97 billion to PIA in the last three months, he said that the figures were not correct and the national flag carrier sustained a loss of Rs 6.1 billion due to upward trends in fuel prices in the international market.

Smart Airline launches 14 weekly flights to Pakistan

Islamabad—Nasair, the low fare airline based in Saudi Arabia, today announced it will launch new flights to Karachi, on June 18.

The airline will operate daily scheduled flights from both Riyadh and Jeddah airports. These flights will go on sale for an introductory price of SAR 499 inclusive of taxes.

The addition of Karachi to the nasair route network will bring the number of nasair’s international destinations to 19 cities. The flights will accommodate the growth in demand from Pakistani expats living and working in Saudi Arabia. Moreover, with the Hajj season rapidly approaching for the year 2011 this critical route expansion will help serve the nearly 200,000 pilgrims who fly to Saudi Arabia from Pakistan every year.

Only five IPOs at stock market in 2006

Despite the continuation of investor-friendly policies and a decent growth in corporate earnings, the local capital market remained slow in terms of attracting new listings compared with the previous year.

The calendar year 2006 was a depressing year in terms of Initial Public Offerings (IPOs). While the performance of the market is primarily examined by the index change, the growth of capital market can be determined by looking at the fresh issues brought into the market through IPOs.

With 2006 approaching its end, we are presenting an analysis of the stock offerings that took place during 2006.

PIA revenue increases by 13pc

The revenue of Pakistan International Airlines (PIA) has increased by 13 percent. This was announced in a statement of the national carrier issued here on Monday.It said that the PIA’s 298th Board Meeting was held in Karachi on Monday with the Chairman and CEO PIA, Tariq Kirmani, in the chair.

PIA Board approved the 3rd quarterly accounts for the period July-September 2006 and the interim condensed financial statements (un-audited) for the nine months period ended September 30, 2006. The overall revenue of the nine months to September 2006 has increased by 13per cent.