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MarketScreener Homepage  >  Equities  >  The Pakistan Stock Exchange  >  Pakistan International Airlines Corporation Limited    PIAA   PK0003401012

PAKISTAN INTERNATIONAL AIRLINES CORPORAT

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Deeply saddened over loss of lives in plane crash: PIA CEO

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05/23/2020 | 06:34am EDT

Pakistan International Airlines (PIA) CEO Air Vice Marshal Arshad Malik on Friday while expressing sadness over loss of lives in the plane crash in Karachi which left several people dead and many others wounded said that this was tragic incident.

In a video message on Friday, he said that the pilot of PK8303 had told ATC that the plane was experiencing 'technical difficulties' - both runways were available for landing but the pilot did a go-around.

The PIA CEO went on to say that probe will be conducted to find out what exactly happened.

Earlier today, a Pakistan International Airlines (PIA) plane with more than 100 people believed to be on board crashed in the southern city of Karachi.

Images aired on Dunya News showed the Pakistan International Airlines (PIA) flight had smashed into a residential area, with clouds of thick black smoke billowing from the site.

"The plane crashed in Karachi. We are trying to confirm the number of passengers but initially it is 99 passengers and eight crew members," said Abdul Sattar Khokhar, the spokesman for the country s aviation authority, adding that the flight was coming from Lahore.

Khokhar added that the aircraft was an Airbus A320 and was en route to Karachi.

The Pakistan military later tweeted that security forces had been deployed to the area and helicopters were being used to survey the damage and help ongoing rescue operations.

It comes just days after the country began allowing commercial flights to resume after planes were grounded during a lockdown over the coronavirus pandemic.

Pakistan has a chequered military and civilian aviation safety record, with frequent plane and helicopter crashes over the years.

In 2016, a Pakistan International Airlines plane burst into flames after one of its two turboprop engines failed while flying from the remote northern to Islamabad, killing more than 40 people.

PIA, one of the world s leading airlines until the 1970s, now suffers from a sinking reputation due to frequent cancellations, delays and financial troubles. It has been involved in numerous controversies over the years, including the jailing of a drunk pilot in Britain in 2013.

The crash comes as Pakistanis across the country are preparing to celebrate the end of Ramadan and the beginning of Eidul Fitr, with many travelling back to their homes in cities and villages.

© Pakistan Press International, source Asianet-Pakistan

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Financials
Sales 2019 165 B 989 M 989 M
Net income 2019 -55 979 M -336 M -336 M
Net Debt 2019 322 B 1 931 M 1 931 M
P/E ratio 2019 -0,62x
Yield 2019 -
Capitalization 22 303 M 134 M 134 M
EV / Sales 2018 2,48x
EV / Sales 2019 2,17x
Nbr of Employees -
Free-Float 55,0%
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Managers
NameTitle
Arshad Mahmood Malik President, CEO & Executive Director
Aslam R. Khan Chairman
Syed Aijaz Mazhar Chief Operating Officer
Khalilullah Shaikh Chief Financial Officer
Amir Ali Chief Technical Officer