PIA to acquire five new planes
Islamabad—PIA has signed a purchase agreement with Boeing Company for acquisition of five Boeing 777 aircraft.
PIA Chairman, Air Chief Marshal(Retd) Rao Qamar Suleman said this at the 55th Annual General Meeting (AGM) Saturday. PIA Shareholders participated in the 55th AGM and put forth their suggestions raising searching queries for turning around the National Airline.
Addressing the Shareholders, PIA Chairman said that during 2011, despite many challenges PIA added new destinations including Zahedan, Colombo, and Madina. He said that in the face of competition, PIA managed to retain its international market share of 39 per cent and increased its domestic market share to 76 per cent.However, during 2011, slow economic growth in developed economies placed pressure on aviation business across the globe resulting in economic uncertainty. International travel growth remained depressed and showed mixed performance across regions. The outgoing year witnessed an increase in average jet fuel price from USD 80 per barrel in 2010 to USD 110 per barrel in 2011. PIA was exposed to volatility in the price of jet fuel. —Online
PIA to acquire five new planes