Pakistan International Airlines (PIA) has reported a profit of over Rs 60 million in the first quarter of 2023, marking a significant turnaround for the airline after several years of losses. The airline had previously been paying a markup of Rs 60 million on financial loans, as revealed in a report. The reduction in PIA’s losses in 2020 and 2021 was attributed to COVID-19 restrictions resulting in reduced capacity, pay cutbacks for staff, and increased revenue from cargo and charter. Despite the positive developments, PIA’s recovery may face challenges from rising loan rates, fluctuating dollar exchange rates, and rising fuel expenses. In other news, the Ministry of Aviation reported that PIA Investments Limited (PIA-IL) has received permission from the New York City Government to use the Roosevelt Hotel for expatriate business at a charge of US$200 per room per day for three years.