Quote of the Day: Pakistan International living on borrowed time
09-May-2007 |
Airline Code [PIA]
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Pakistan International Airlines: The financial health of the airline has progressively deteriorated so that today the situation has reached alarming proportions. PIA is losing over USD660,000 every single day! The money that our shareholders had given us is all gone; and, in fact, we are living on bank borrowings. These losses are not sustainable and a normal company with such losses would have been declared bankrupt and shut down.
“The airline which was the pride of the nation a few decades ago, has been under considerable criticism and censure from the public and many of the other stake-holders. The restrictions imposed by the European Union is symbolic of the difficulties that we have accumulated over a period of time. Many well wishers of the Airline, especially the employees, are extremely concerned about the damage PIA has suffered to its brand image. Airlines are a service industry and, in a fiercely competitive market, the loss of brand image is a big set back.
“Clearly, we have to see the difficulties outlined as challenges - and challenges deserve a response. I have also evidenced many strengths of the Organization. We must equally use these strengths to get us out of our current difficulties.
“’Business as usual’ is not an option for the future. We will collectively need to take some bold measures”, Zafar Ahmad Khan, Chairman. Source: PIA, 08-May-07. Date posted: 09-May-07 |
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Quote of the Day: Pakistan International living on borrowed time 
