PIA cancels ATR aircraft acquired on an expensive Lease arrangement. PIA spokesman said on Saturday.
PIA ATR-72 aircraft was high on operational cost and expected Market value resultantly making the flight operations non-profitable. These aircraft were acquired on lease in the year 2015 and were higher than the present market price but due to the long-term agreement enforced, PIA was unable to return them earlier.
On the instructions of CEO PIA Air Marshal Arshad Malik, PIA management reviewed the lease agreement thoroughly and benefited from a clause in the lease agreement during Covid flights suspension.
The first ATR-72 aircraft returned having registration number APBKY departed from Karachi for Johannesburg, South Africa. while 03 other ATR72 will also be returned.
CEO PIA Air Marshal Arshad Malik while congratulating PIA team on successful negotiations which made possible the return of these aircraft said that it was not only a difficult decision at this crucial time but unavoidable as well.
CEO PIA said that the airline will keep operating other ATR aircraft which make the operations viable on short routes. Meanwhile, under the supervision of the Government of Pakistan, PIA will soon acquire new aircraft in its fleet which will improve the airline’s product and service considerably. New aircraft and improved service was expected since long from our passengers and will be soon fulfilled soon said CEO PIA Air Marshal Arshad Malik.