By Syed Marwan Shah ISLAMABAD, April 21 (INP-WealthPK): Pakistan International Airlines earned a profit of Rs2.1 billion as its revenues surged by 69% during the last quarter of the calendar year 2021 compared to the previous quarter, reports WealthPK. The profit earned was due to the partial lifting of travel restrictions on the main operational routes, the national flag carrier’s annual report said. During the period under review, the national flag carrier showed a recovery trend. The Covid-19 pandemic caused a significant loss to the airline industry worldwide, causing a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions. The PIA generated total revenues of Rs86.18 billion during the entire 2021. According to WealthPK, PIA, however, incurred a loss of Rs8.5 billion during the previous year. The airline had earned a gross profit of Rs2.5 billion in 2020. The national flag carrier sustained a net loss of Rs50.1 billion in 2021, which is 44.7% above the Rs34.6 billion loss sustained in 2020. This loss is mainly due to a significant decline in revenues and the continuing effects of the Covid-19 pandemic. The PIA’s fuel cost stood at Rs22.8 billion and operational losses at Rs15.027 billion during the last calendar year. The national airline also faced an exchange loss of Rs7 billion, the loss before interest taxation was Rs22.373 billion, and a financial cost of Rs27.39 billion. The loss before taxation stood at Rs49.763 billion, and payment of taxation stood at Rs337.7 million. The national flag carrier’s annual report 2021 stated that “Our lives will be different after the Covid-19 pandemic. We do not yet know the full extent of the charge but it is clear that the world is already being reshaped to varying degrees. Most countries are still under lockdowns and strict travel restrictions remain in place. It is unclear when these restrictions will be eased or lifted, not only in Pakistan but also in our major markets. Most projections show that international travel will resume in gradual phases and it will take at least 18 months before air traffic recovers to pre-pandemic levels.” Meanwhile, according to the annual report, PIA had also signed a Memorandum of Understanding with Dr Ramesh Kumar Vankwani – Patron-in-Chief of the Pakistan Hindu Council – to help boost religious tourism in Pakistan. Under the agreement, PIA will run special chartered flights for Hindu pilgrims from UAE and elsewhere to enable them to visit the holy sites in Khyber Pakhtunkhwa and Balochistan provinces.