Pakistan International Airlines Corporation Limited (PIACL) arranged its Annual General Meeting (AGM) without any preparations and was not able to fulfill legal requirements and present audited accounts.
The first ever Annual General Meeting of PIACL was presided over by Chairman Irfan Elahi. Prime Minister’s Adviser on Aviation, Sardar Mehtab Abbasi, also attended the AGM alongside shareholders.
The management was not able to present PIACL’s audited accounts. On non-availability of accounts, minority shareholders launched their protest and demanded that the company provide audited accounts.
Chairman PIACL, Irfan Elahi, informed the meeting that results were not prepared due to the company changing the cycle of its financial year.
“Annual Accounts for FY 2016 could not be finalized mainly due to the conversion of PIAC into PIACL and an exercise undertaken to bring a change in the accounting policy by shifting from cost value model to fair value model. These reasons delayed the finalization of Annual Accounts of FY 2015 which rolled over a delay in finalization of subsequent accounts,” Irfan Elahi told the AGM.
On the question of why PIACL was not able to become profitable, Chairman PIACL Irfan Elahi cited the airliners’ financial and fleet crises.
“Financial and fleet constraints are hampering its performance but nevertheless the airline is taking all possible initiatives which certainly will bear fruit. To arrest its losses the airline has taken effective steps towards cost cutting and revenue maximization”. Irfan Elahi told the AGM.