(MENAFN) Pakistani Prime Minister, Nawaz Sharif, formed a committee to restructure the country's Pakistan International Airlines (PIA) in an attempt to restore the carrier to its prime, The National Reported.
PIA suffered a 23 percent loss last year compared to the year before it. The company losses reached a USD340 million, while revenues decreased by 4 percent down to USD1.1 billion
The Pakistani carrier has only 24 operational planes out of the 42 owned. The remaining planes are inoperable due to technical problems.
The state-owned company suffered from overstaffing, poor management, few flights and corruption. "You can't run an airline that way. The fact that PIA is flying is a miracle," said Ikram Sehgal, chairman of the Pathfinder Group security company.
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