New PIA owner says airline will take time to make profits post-privatization

KARACHI: The recently privatized Pakistan International Airlines (PIA) will continue to face financial losses for another few years before start making profits, its new owner said on Monday, promising to do all it takes to revive the Pakistani carrier. A Pakistani consortium, led by Arif Habib Group, on Dec. 23 secured a 75% stake in PIA for Rs135 billion ($482 million) after several rounds of bidding, valuing the airline at Rs180 billion ($643 million).

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