Waheed 1

STUDY OF FINANCE DEPARTMENTS OF
PAKISTAN INTERNATIONAL AIRLINES CORPORATION

(PIAC)
RAO WAHEED Page 1 MAJU

PRESENTED BY:
WAHEED USMAN
MBA(FINANCE)
MOHAMMAD ALI JINNAH UNIVERSITY
PRESENTED TO:
GULZAR AHMED
DGM(DISBURSMENT)
EJAZ CHAUDARY
MANAGER(PAX REVENUE)
CO-ORDINATOR INTERNSHIP 2008(FINANCE)
NAZEER TAHIR
SENIOR ACCOUNTS OFFICER

TABLE OF CONTENTS
TITLE Page No
Acknowledgement 02
Introduction 03-04
History 05 to 09
Introduction to PIA 10
Vision 11
Mission 12
Values 13-14
PIA Network 15
Brief Introduction of PIA Department 16-18
Board of Director 19-20
Introduction of the report
Finance Department 21-22
 Disbursement 23-28
 Revenue Accounting 29-37
 Accounting 38-39
 Payrolls 40
 Funds Management 41-44
 Budget 45-48
SWOT Analysis 49-61
Conclusion 62-65
Recommendation / Suggestion 66
Bibliography 67

MEMORANDUM OF TRANSMITTAL
TO: NAZEER TAHIR
FROM: WAHEED USMAN
(MOHAMMAD ALI JINNAH UNIVERSITY KARACHI)
DEPARTMENT :( FINANCE DIVISION )
SUBJECT: FINAL PROJECT INTERNSHIP PROGRAM 2008
DATE: JUN 07, 2008
Here is the report related to Finance units you assigned to me as

my internship final project to be submitted on. I have outlined what
I learned from the finance department and have tried to explain
what I understand from different units of finance.
I have tried to explain different units of Finance. These are the

Fund management ,Payroll,Disbursement and Accounting. I have
also tried to give an overview of FINANCE DIVISION as a whole.
In the process of completion of the report there were several

hands which directed and helped me. Firstly I would like to thank
Almighty Allah who guided me through not only this difficult time
but the ones before, and I sincerely hope that He will keep on
guiding me throughout my life through good and bad. I would also
like to thank our parents, siblings and friends who accepted me
the way I am: busy and annoying! And special thanks to MR
gulzar ahmed, Mr. Asif, Mr Moiz, Mr Nazeer Tahir.and I would
also thank internees who helped me a lot to grasp the concepts.
And last but not the least I express my most humble gratitude
towards you, who led me by your guiding hand till the end and
kept me enlightened professionally.

INTRODUCTION TO AIRLINE INDUSTRY
Air travel remains a large and growing industry. It facilitates economic growth,
world trade, international investment and tourism and is therefore central to the
globalization taking place in many other industries. From a global perspective,
the airline industry is making strides towards its goal of sustainable profitability,
partly by improving the efficiency of business operations, but also by
encouraging the public to return to the skies with a more desirable travel
experience.
In the past decade, air travel has grown by 7% per year. Travel for both business
and leisure purposes grew strongly worldwide. Scheduled airlines carried 1.5
billion passengers last year. In the leisure market, the availability of large
aircrafts made it convenient and affordable for people to travel further to new
and exotic destinations. Governments in developing countries realized the
benefits of tourism to their national economies and spurred the development of
resorts and infrastructure to lure tourists from the prosperous countries in
Western Europe and North America. The rapid growth of world trade in goods
and services and international direct investment has also contributed to growth
in business travel.
Worldwide, IATA, International Air Transport Association, forecasts

international air travel to grow by an average 6.6% a year to the end of the
decade and over 5% a year from 2000 to 2010. But, the most dynamic growth is
centered on the Asia/Pacific region, where fast-growing trade and investment are
coupled with rising domestic prosperity. Air travel for the region has been rising
by up to 9% a year and is forecast to continue to grow rapidly. To meet the
requirements of their increasingly discerning customers, some airlines have to
invest heavily in the quality of service that they offer, both on the ground and in
the air. Ticket less travel, new interactive entertainment systems, and more
comfortable seating are just some of the product enhancements being introduced
to attract and retain customers.
Nevertheless, the aviation industry is characterized by strong nationalist

sentiments towards domestic 'flag carriers'. In many parts of the world, airlines
will therefore continue to face limitations on where they can fly and restrictions
on their ownership of foreign carriers. Despite this, the airline industry has
proceeded along the path towards globalization and consolidation,
characteristics associated with the normal development of many other industries.
It has done this through the establishment of alliances and partnerships between
airlines, linking their networks to expand access to their customers. Hundreds of

airlines have entered into alliances, ranging from marketing agreements and
code-shares to franchises and equity transfers.
The outlook for the air travel industry is one of strong growth. Forecasts suggest
that the number of passengers will double by 2010. For airlines, the future will
hold many challenges. Successful airlines will be those that continue to tackle
their costs and improve their products, thereby securing a strong presence in the
key world aviation markets.
AIRLINE INDUSTRY IN PAKISTAN
Pakistan is an Islamic republic located in the heart of Asia. It lies on the north-
west of the Indian sub-continent, with Iran on the west of it and Afghanistan in
the north. In Pakistan the airline industry is growing day by day as new airlines
have started their operations or are going to start their operations in the near
future on domestic & international routes. But the major problems faced by
aviation industry of Pakistan revolve round reduced volume of air passengers,
undeclared price war on the domestic and foreign sectors, extremely poor
financial health, absence of level playing field, and drastic increase in insurance
costs & inflation in the fuel charges.
To ensure safe and efficient civil aviation operations in Pakistan, the country
facilitates operations in the domestic & the international market of the safest
standards in conformity with ICAO standards by an optimum number of airlines
to encourage competition without dissipating the market. In Pakistan the
aviation industry is managed by the Civil Aviation Authority. The CAA’s
mission is to provide for the promotion and regulation of Civil Aviation
activities and to develop an infrastructure for safe, efficient, adequate,
economical and properly coordinated Civil Air Transport Service in Pakistan.
There are 42 airports in the country being managed by Civil Aviation Authority
(CAA). Out of these, 5 airports via Lahore, Karachi, Islamabad, Peshawar and
Quetta are international airports. The construction of Allama Iqbal Terminal
Complex, Lahore has recently been completed at the cost of Rs. 10.3 billion.
This terminal can handle 6.5 million passengers per annum. Rahim Yar Khan
and Bahawalpur airports have been upgraded for operations of Boeing aircrafts.
Recently the purgation of Gwadar & Turbat airports has been done. Construction
of new Islamabad international airport on BOT basis is being finalized. The
construction of Sialkot International Airport in the private sector is also in
progress.
The other main airlines operating in Pakistan except PIA are Aero Asia
International, Air Blue, and Shaheen Air International. While four other private
airlines; Raji, Hajviery, Safe and Bhoja, in the last after six years of operations,
have already wrapped up their operations.
HISTORY
Pakistan International Airlines PIA can trace its beginnings to the days when
Pakistan still was not a nation. In 1946, Muhammad Ali Jinnah, also known as
Quaid-e-Azam, realized the need for an airline network for the forming country.
He called upon the help of an experienced industrialist Mirza Ahmad Ispahani.
On October 23 of 1946, Orient Airways, registered in Calcutta, was formed. In

February 1947, three DC-3 airplanes were bought from a company in Texas, and
in May of that year, the airline was granted a license to fly. Two months after
this service began, Pakistan as a nation was formed. Orient Airways began relief
flights to the new nation, and soon after, it moved operations to Karachi.
Due to passenger demand, the airline increased its fleet before the end of the
1940s. The government of Pakistan asked the airline to merge into a new
national airline that the government was planning. On March 11 of 1955, Orient
Airways merged with the Government's proposed airline, becoming Pakistan
International Airlines Corporation. Under the PIA name the same year the airline
opened its first international service, from Karachi to London Heathrow Airport
in London, United Kingdom, via Cairo International Airport in Cairo, Egypt and
Leonardo Da Vinci International Airport in Fiumicino, Italy using Lockheed
Constellations. The DC-3s continued operating the domestic services in
Pakistan.
THE 1950s AND 1960s

In 1956 PIA ordered two Super Lockheed Constellations and five Vicker
Viscount. In 1959, Nur Khan was named managing director. In March 1960,
PIA became the first Asian airline to enter the jet age when Boeing 707 service

was introduced. The aircraft was wet leased from Pan American and in 1961
services were
THE 1970s AND 1980s

In 1972 PIA applied to operate to Libya and an agreement was signed with
Yugoslav airline JAT. In 1973, McDonnell Douglas DC-10s arrived and were
used by the airline before they were replaced by Boeing 747s. In 1974 air freight
services started, as well as a cargo service to New York. In 1976, leased Boeing
747s came into service, the first time the airline had such a type. In 1978, the
airline bought their first 747 aircraft, which have since become a staple of the
airline's fleet. Also in 1978 the airline provided help to Somali Airlines, Air
Malta and Yemenia; and established a hotel management service in the United
Arab Emirates. PIA also leased two of its own Boeing 720s to Air Malta during
the 70s.
The 1980s began with the opening of a cargo center in Karachi. In 1981, PIA
was named most efficient airline to the Hajj operation, and a duty-free sales
service was inaugrated. From 1982 saw the welcoming of Airbus A300 aircraft
to the fleet. In 1985 the PIA Planetarium tourist attraction was inaugurated in
Karachi and later in Lahore which had static Boeing 707s on display for the
general public. In the same year, five Boeing 737s joined the fleet. At the start of
1987 and 1988 flights were introduced to Malé and to Toronto Pearson
International Airport, respectively. In 1989, the first women pilots started to
command passenger flights.
THE 1990s:
PIA received the first of six Airbus A310-308 aircraft on 25 June 1991 from
Airbus Industrie. In 1992, flights started to Tashkent and in 1993, to Zürich,
Switzerland. In addition, PIA became a user of the Sabre, Galileo and Amadeus
global distribution systems or GDS.
During 1994 PIA added more destinations to its route map with Jakarta,
Fujairah, Balky and Al-Ain and for the first time air safari flights were launched
using a Boeing 737. In 1995 a 747 flight simulation system arrived, and the
purchase of a used Air France A300 aircraft. In 1996 the airline leased Tupolev
Tu-154 aircraft, and re-opened services to Beirut International Airport in Beirut,
Lebanon. In 1999 the airline leased five Boeing 747-300 aircraft from Cathay
Pacific to replace its aging Boeing 747-200 aircraft.

THE 21st CENTURY
In July 2002, PIA purchased six Boeing 747-300 aircraft from Cathay Pacific,
five of which were already on lease with PIA. The Boeing 747-300s are flying
mainly to the UK, USA and Saudi Arabia with a few domestic operations that
include Karachi-Lahore and Karachi-Islamabad.
BOEING 777 ORDER

Later in October, 2002, the airline purchased eight Boeing 777 aircraft from The
Boeing Company, including three 200 ER (Extended Range), two 200 LR
(Longer Range) and three 300 ER versions. PIA has said that it may add three
more 777-200LR to serve its North American routes. PIA became the launch
customer of the B777-200LR when it ordered the Boeing 777 family of aircraft.
In January 2004, PIA received its first 777-200ER from Boeing and by March
all three 777-200ER were in service. The Boeing 777 aircraft are now serving
international routes to UK, Canada and USA and domestic Karachi-Lahore-
Karachi and Karachi-Islamabad-Karachi routes. PIA also acquired six half life
Airbus A310-300/ET from the Airbus management on a ten year lease
agreement. The aircraft are flying on most international and domestic routes.
On delivery of the first three Boeing 777s the airline introduced a new livery to
all of its fleet. On 6 December 2005, PIA leased an additional new Boeing 777
from the International Lease Finance Corporation (ILFC). The aircraft will have
the same specifications as the previous Boeing 777-200ER that PIA operates.
The aircraft is due to be delivered in January 2007 and will be on lease to the
airline for ten years with an option to purchase at the end of the term.
FRENCH ATR REPLACE FOKKER:

On November 3, 2005 PIA signed an agreement with the ATR company (Avions
de Transport Régional) to purchase seven new ATR42-500. The agreement was
signed by Mr Tariq Kirmani, Chairman & CEO of PIA and Mr Filippo Bagnato,
CEO of ATR in the presence of the General Consuls of France and Italy. The
aircraft will replace PIA’s aging F-27 aircraft fleet. The 7 48-seat ATR 42-500
aircraft will be delivered between 2006 and 2007 and indeed the first aircraft
was delivered on May 31, 2006. The total value of the contract is approximately
US $100 million. PIA is considering acquiring three brand new ATR 72 that
have been delivered in 2007-2008.

DELIVERY OF THE WORLDLINER 777-200LR:
On February 25, 2006 Boeing delivered the world's first longest-range
commercial airliner to Pakistan International Airlines (PIA). PIA's first B777-
200LR Worldliner left Paine Field in Everett, Washington and flew to
Manchester, England, where it picked up passengers before flying on to
Islamabad, Pakistan. PIA started direct, nonstop flights from Toronto to Karachi,
Islamabad and Lahore from March 3, 2006. PIA planned non-stop flights to New
York City and other US cities with sizable Pakistani population centers, but was
not given permission due to security reasons. PIA received the delivery of its
second Boeing 777-200LR on March 23, 2006.
EU BAN AND RESIGNANTION OF CHAIRMAN:

On March 5, 2007, the European Commission banned all but eight planes of
PIA's 44-planes fleet flying to Europe citing safety concerns. PIA was
blacklisted by 27 European Union states. The remaining eight, namely the fleet
of 777s, has been exempted from the ban. PIA claims that this is discriminatory
and the bans are not justifiable. Because of the EU ban, Pakistan is losing
dominance for flights from Europe to the Near-East or Pakistan because Etihad
Airways and Emirates are winning passengers for this route. The airline is
urgently seeking to wet lease wide body aircraft. It is currently operating long-
haul services with its eight Boeing 777 aircraft and two wet leased Airbus A310.
On March 26, 2007, Tariq Saeed Kirmani resigned after severe pressure from
higher authorities because of the EU ban, including disagreements with the
engineering department, as well as the poor findings for the July 2006 Fokker
crash investigation. Zafar Khan has been appointed as new Chairman of Pakistan
International Airlines; he was previously the chairman of Karachi Stock
Exchange. A team from the European Union is due to visit Karachi in July,
2007, to check the condition of the planes at the time and review the ban. PIA
has grounded 8 aircraft (5 A310's and 3 B747's) and is conducting maintenance
work on them to bring them according to the E.U standards. EU ban on PIA
airbuses may last till November, 2007. On July 4, 2007, the EU lifted the
restriction on eleven aircraft that PIA could fly into Europe of which five were
Boeing 747's and six Airbus A310s. The remaining fleet of similar aircraft will
be reviewed in September and October timeframe, when full removal of the
restriction will be considered
CURRENT FLEET:
The Pakistan International Airlines fleet consists of the following aircrafts:
Aircraft Type Total Passengers

Aircrafts
Airbus A310-300 12 184
ATR 42-500 7 48
Boeing 737-300 7 118
Boeing 747-300 6 433
Boeing 747-200Combo 2 298
Boeing 777-200-ER 4 329
Boeing 777-200-LR 2 310
Boeing 777-300-ER 2 393
Total 42
FUTURE FLEET PLAN

As PIA fleet is growing old and with no orders during the 1990s, there is a great
deal of pressure on the airline to replace its Boeing 747 and Airbus A310 fleet
with more modern and high tech aircraft. According to relevant sources, PIA is
planning to order two more Boeing 777-200LR that will increase PIA's fleet of
Boeing 777-200LR to four. The airline is also planning to lease an additional
Boeing 777-300ER that will increase PIA's fleet of Boeing 777-300ER to four.
This plan is to make PIA's long haul fleet to one type and replace the Boeing 747
with Boeing 777. PIA is also considering buying new generation Boeing 747-8
to replace its older Boeing 747-300 and Boeing 747-200 Combi, however,
nothing concrete has been announced.
For PIA's short haul fleet, the airline is deciding a replacement for its fleet of
Boeing 737. They will be replaced by either eight A320-200 or 737-800 aircraft.
PIA is also planning to buy 3 new ATR 72 which may be delivered after the
seven ATR 42-500 in 2007. Also, PIA earns a majority of profits from its cargo
division and hence PIA is also planning to buy 3 new A310-300F for cargo
operations to replace the Boeing 747-200 Combi.
INTRODUCTION:

Pakistan International Airlines (also known as PIA), is the national flag carrier
of Pakistan and the National airline of the country operating passenger and cargo
services around the world. Its main hubs are Jinnah International Airport,
Karachi, the Allama Iqbal International Airport, Lahore and the Islamabad
International Airport, Islamabad/Rawalpindi. Pakistan International Airline
serves 46 international destinations across four continents and 36 domestic
destinations.
ACHIEVEMENTS AND RECOGNITIONS:
• First airline from an Asian country and the first airline from a
Muslim country to fly the Super Constellation.
• First asian airline to operate a jet aircraft.
• First asian airline to be granted maintenance approval by the US
Federal Aviation Administration (FAA) and the Air Registration Board,
predecessor of the British Civil Aviation Authority (CAA).
• First non-communist airline to fly to the People's Republic of
China, and operate a service between Asia and Europe via Moscow.
• First airline in Asia to induct the new technology Boeing 737-300
aircraft.
• An IBM 1401, the first computer in Pakistan, was installed in PIA.
• The first airline to introduce a second route to People's Republic of
China over the mighty Karakoram mountains.
• First airline in the world to operate scheduled helicopter services.
• First airline to show in-flight movies on international routes.
• PIA set up Pakistan's first planetarium at Karachi.
• The first airline in South Asia to introduce auto-ticketing facility.
• The first airline in the world to fly to Tashkent, capital of the newly
independent state of Uzbekistan.
• First airline in the world to start Air Safari with jet aircraft.
• First Asian airline to start flights to Oslo, the beautiful capital city
of Norway.
• First airline in the world to induct Boeing 777-200LR, the world's

longest range commercial airliner.
• First airline in the world to take delivery of the Boeing 777-200LR
Worldliner (Longer Range Variant).
• Pakistan International Airlines Flight Services Department was

awarded the ISO 9001:2000 certification award during May 2006.
VISION OF PIA
PIA to be a world class profitable airline exceeding customer

expectations through dedicated employees committed to
excellence.
MISSION STATEMENT OF PIA
Employee teams would contribute towards making PIA a global airline-of-

choice
• Achieving adequate returns for all stakeholders
• Offering high quality customer services and innovative products using

state-of-the-art technologies
• Taking cost-effective measures in procurement and operations
• Fulfilling Corporate Social Responsibility
• Being an equal opportunity employer
• Adhering to business ethics and zero tolerance for corruption

• Participating in global alliance
• Providing competitive compensation and a congenial working

environment
• Linking remote regions of Pakistan
VALUES:
Customer Expectations
Convenience, Caring, and Competitive Tariff
Service
Personalized and Courteous
Innovation
Cherishing New Ideas, Translated Into Action
Cohesiveness
Respect for Individuals, Teamwork, and Effective Communication
Integrity
Business Ethics, Accountability, and Transparency
Reliability
Loyalty and Consistency
Safety
Passengers, Employees, Environment, and Health

PIA CORPORATE SOCIAL RESPONSIBILITY :
Committed to Creating a Better World
SOCIAL SERVICES
o Boy Scouts Association
o PIA Planetariums
o PIA Horticulture
o Support for Non-Profit Organizations
TRAINING AND EDUCATION

o PIA Training Center
o PIA Model Secondary School
o PIA Industrial Training Institute
MEDICAL SERVICES
o PIA Employee Health and Medical Services
PIA SPORT DIVISION

SAFETY
o Flight Safety and HSE
o IATA Operational Safety Registration Award
o Fire Safety in the Workplace and at Home
EMERGENCY RESPONSE PLANNING

PIA’S NETWORK:
INTERNATIONAL NETWORK
DOMESTIC NETWORK

BRIEF INTRODUCTION OF PIA DEPARTMENTS
PIA is a huge organization with many departments within which there are
many divisions / sections. Brief introductions of these departments are as
follows: -
1. ADMINISTRATION
• Security Division
• Legal Services Division.
• Public Affairs Divisions.
• Personnel Services.
• Human Resources.
• Industrial Relation (Employee Relation)
• Industrial Engineering.
• Organization Planning.
• Employment.
• Staff Development Section.
• Polices and Remuneration.
• PIA Training Center.
2. FLIGHT OPERATIONS
• Planning & Scheduling Division.
• Crew Scheduling.
• Crew Planning.
• Technical Division.
• The Central Control Division
• Flight Control Center.
• Flight Dispatch Center.
3. MANAGEMENT INFORMATION SYSTEM.
• Performance Evaluation.
• Technical Evaluation.
• Customer Relation.

4. FINANCE
• Funds Management.
• Revenue Accounting.
• Accounting
• Emolument / Payroll.
• Passenger Revenue (PAX).
• Cargo Revenue.
5. CORPORATE PLANNING.
• Fleet Planning Division.

• Economy Planning Division.
6. MARKETING.
• Tour Promotion.
• Cargo Sales Division.
• Pax Market Planning.
• Schedule Planning.
• Pax Tariff.
• CRC Central Reservation Control.
• Pax Sales Division.
• Marketing Intelligence.
• Advertising.
• Awards Plus
7. FLIGHT SERVICES.
• Flight Service
• Catering Division.
8. AIRPORT SERVICES DEPARTMENT.
• Traffic.

• Ram Operation.
• Pax Handling Services.
• Technical Ground Services.
• Baggage Services.
• Handling Agreements.
PIA SUBSIDIARIES
► PIA Subsidiaries are follows International
► Advertising (Pvt.) Ltd. PIA Hotels Ltd.
► (Dormant)
► PIA Holdings (Pvt.) Ltd.
ASSOCIATED COMPANIES
(OVERSEAS)
1
PIA Investment Ltd.
.
Minhal Incorporated Pakistan
2
ASSOCIATED COMPANIES
(PAKISTAN)
I Pakistan Services Ltd.

. Pakistan Tourism Development Corporation
2
.

HOTELS
Airport Hotel Karachi Airport owned by sky room (Pvt.) Ltd. A
subsidiary of the airline.
PIA NETWORK
 Consist of continent 04
 Countries 46
 Cities served 88
 Off line stations 43
Board of Directors
Ch. Ahmed Mukhtar

Minister for Defence and Chairman
Mr. Mueen Afzal
Syed Mohammad Fazal Agha
Malik Nazir Ahmed
Mr. Shahzad M. Husain
Mr. Mubashir Iftikhar
Mr. M. Hidayatulla Khan Khaishgi
Maj. Gen. Mir Haider Ali Khan

Additional Secretary-I, Ministry of Defence
Mr. Javed Saifullah Khan
Mr. Farrakh Qayyum

Secretary Finance
Mr. Farooq Rahmatullah

Director General CAA
Mr. Muhammad Shoaib
Secretary-PIA
Management
Managing Director
Captain Mohammad Aijaz Haroon
Director - Corporate Planning

Mr. Shahnawaz Rehman
Acting Director - Engineering and Maintenance

Mr. M.Tariq Farooq
Director - Finance & Chief Financial Officer
Mr. Arif Majeed
Director - Flight Operations

Capt. Shuja Naqvi
Acting Director - Information Technology

Mr Shahid Sarwar
Director - Human Resource & Administration

Mr. Hanif Pathan
Director - Marketing
Mr. Salah uddin
Director - Precision Engineering Complex

AVM Muhammad Kamal Alam Siddiqui
Director - Procurement, Logistics and Co-ordination

Mr. Imran Ahmed Khan
FINANCE DEPARTMENT
Finance is a field that studies and addresses the ways in which individuals,
businesses, and organizations raise, allocate, and use monetary resources over
time, taking into account the risks entailed in their projects. The activity of
finance is the application of a set of techniques that individuals and
organizations (entities) use to manage their financial affairs, particularly the
differences between income and expenditure and the risks of their
investments. An entity whose income exceeds its expenditure can lend or
invest the excess income. On the other hand, an entity whose income is less
than its expenditure can raise capital by borrowing or selling equity claims,
decreasing its expenses, or increasing its income. Finance is one of the most
important aspects of business management. Without proper financial
planning a enterprise is unlikely to be successful.
Similarly, Finance Department in PIA is very large and most important

department which deals with all finance and money related decisions and
managing all the resources of the enterprise. This department is structured in
a way in PIA that it is headed by Chief Financial Officer followed by
Directors and Senior Vice Presidents whom General Managers, Deputy
General Managers, Assistant Managers, Accounts Officers, Accounts
Supervisors and Attendants report in a well organized hierarchy. Finance
Department in PIA holds responsibility to perform thousands of functions
and works to deal with countless papers and documents of such a large airline
company. Thus, this department is divided into several sections and sub-
sections which perform distinct functions. The division of finance department
is as under:
1. Revenue Accounting
a) Pax Revenue
b) Interline Revenue
c) Cargo Revenue
2. General Accounting
a) Main General Accounting Section

b) Payroll / Emoluments
c) Disbursement Section
d) Flight Services
e) Technical Services
f) Head Office Payment
g) Finance Procurement & Logistics
h) Corporate Taxes
3. Funds Management
4. Budget Section
a) Revenue Expenditure Budget

b) Costing
c) Capital Budget
As PIA is such a big corporation therefore the internees were divided

into different sections and according to their schedule the internees
have to stay 3 weeks in the allotted section and then rotation started in
the 4th week of the internship program.
I was allotted the disbursement section where I have to stay for 3

weeks to learn and do the practical work. Below is the detail of the
disbursement section and their process of work.
DISBURSEMENT
Disbursement is a section of finance in which POST PAYMENT
AUDIT of D-15 reports and reconciliation of the stations both
domestic and international is done. It has a separate bank account
called imprest (27) all the settlements are made through this account.
The Disbursement process starts with the entry of the vouchers and
reconciliation statements send by different stations whether domestic
or international to the Disbursement section. Then these vouchers and
statements are used by the concerned staff to perform their task.
D-15
Monthly expenditure report is called D-15 which consist of Pay
vouchers with relevant supports, payment book listing all the
disbursements made at station during a specific month, disbursement
accounting summary, staff payments register, budget control register,
bank imprest reconciliation and bank statements.
D-15 Process:
• Station whether they are domestic or international do their
expenditures within the month and prepare pay voucher against the
payments of every expenditure.
• At the end of the month they compile the information regarding to
every pay voucher and prepare D-15 reports.
• Then all the stations of both domestic and international send these
reports along with pay vouchers to head office which then forward it to
disbursement section.
• These D-15 are received by disbursement and their entries are recorded
in register.
• Then these P/V’s are forwarded to concerned staff for checking
according to their assigned stations.
• The staff then check the pay vouchers according to the following rules:
♦ Pay voucher is a basic document of our Disbursement

system. It should be prepared against approval of competent
authority and must be supported with all necessary
documents i-e Bills, Invoices, Receipts e.t.c.
♦ Each invoice, bill, receipt must be certified by the concerned

officer and approved by the station head. In cases involving
corrections, wrong figures should be circled in red ink and
correct figures written and duly signed by the claimant and
approving authority before preparation of pay voucher.
♦ Each pay voucher must contain signatures of the official

preparing payment voucher as well as the approving
authority along with their staff numbers.
♦ Recipient’s signatures must be obtained on pay voucher. If

cheque is dispatch, a dispatch stamp must be affixed. In such
cases official receipt of the beneficiary should also be
attached with necessary identification along with other
support.
♦ All support should be photo copied and retained with copy of
pay vouchers for reference and reply of queries. Original
supports, except T.A form, must be send to H/O for checking
and record purpose. Payee’s copy of T.A form along with
copies of ticket jacket hotel bill and airport tax receipt should
be attached with PV.
♦ No payment should be made on photocopies of

invoices/receipts etc. This is the most important safeguard
against duplicate payments and frauds prevention.
• If any query is found “DISBURSEMENT OBSERVATION NOTE

(DON)” has been prepared which is send to respective station to clarify
the objections.
• Stations then sends reply/clarify through the same DON in their reply
column.
• If still any point does not satisfy the concerned staff so further
communication is being carried forward through e-mail system.
• When the inquiry is completed then the PVs are send for binding for
making records.
RECONCILIATION
Reconciliation is the process of reconciling the stations both domestic
and international with the help of reconciliation statement. Every
station prepares their reconciliation statement every month and sends
this statement along with the bank statement to the Disbursement
section. Disbursement section has its own account which is IMPREST
27.
The statement includes two parts “PART A” and “PART B.” the first
part includes the opening balance of the current month then there is the
amount of funds transfer after that there is the amount of D-15 and
then the total of PART A, in PART B first of all the bank balance
whether debit or credit is written after that there is the total amount of
UPC (un presented cheques) after that the amount of unlinked debit
and credit if any is written and then the total of PART B comes which
is revolving fund closing balance.
The total of both PART A and PART B must be same then this total is
carry forward in the next month’s statement as a opening balance for
that month.
PROCESS OF RECONCILIATION
The reconciliation process starts after receiving the ledger and the
reconciliation statement of the respective station for the current month.
The ledger we get from the GENERAL ACCOUNTING section which is
prepared by the CRC section after getting the disk from the respective
station. After receiving the ledger and statement we perform following
steps:-
• First we check the list of funds transfer and the list of UPC.
• If there is any stale cheque which is not reversed we note the cheque #
and the amount then send e-mail to the concerned station about that
cheque.
• The amount of unlinked bank debit and credit is checked in the bank
statement and then an e-mail is sent to the station to provide the detail
if there is any unlinked bank debit or credit shown by the station in
the reconciliation statement.
• The amount of revolving fund closing balance is taken.

• Then we match the amount of transfer and D-15 on
reconciliation statement with that of ledger.
• In case of any short or excess account a JV is made to match that
amount.
• If in any month the whole amount of D-15 is not came than we make
provision for that month’s D-15.
• In case of international station the JV is made for the amount of

exchange difference every month.
• The JV’s of previous months which are still not reversed are carried
forward in doing reconciliation of the next month.
After performing all these steps correctly we get the same amount as
of the ledger closing balance.
TASK ACCOMPLISHMENT
During my stay in the Disbursement section I was given several task

and assignment which I have performed successfully. These tasks are
as follows:-
 Post audit of several stations both domestic as well as international

some of them are,
• QUETTA
• ISLAMABADz
• MANCHESTER
• BIRMINGHAM
• LONDON
• NEWYORK
• DUBAI
• TOKYO
During the checking of the PV’s I found several errors and

discrepancies in these stations.Therefore I made a DON and sent to
these stations and stations have given a reply of these DON which is
attached here.
 Reconciliation of all the stations both domestic and international

for the month of January to May 2008
 In reconciliation a special task was given to me which was to

reconcile one of the biggest stations of PIA which are,
• RAWALPINDI
• LONDON.
• NEWYORK
• TOKYO
• ISLAMABAD
• TORONTO
I successfully complete this task without any error or mistake.

RECOMMENDATIONS
• Authority should be given to the employees of disbursement sections
to visit the respective stations in order to check the discrepancies.
• Number of employees should be increased so that work load may be

distributed so that each station can be checked thoroughly.
• Employees should be rotated in other sections so that they can increase

their knowledge and skills as well as it will minimize the chances of
frauds as employees would not be able to make strong
relations with each other.
• The system of D-15 should be launched online to reduce the

consumption of time.
• All the transfers, payments should be made accurately and in case of

short or excess a/c the amount should be reversed immediately
So it may not create any enmity.
• A complete detail must be provided by the station in case of any

unlinked bank debit and credit.
• Related data from the stations should be sent on time.

REVENUE ACCOUNTING
Revenue Accounting is divided into:
♦ Interline revenue
♦ Cargo revenue
♦ Pax Revenue
Revenue is divided into sub-sections:
1) Domestic Counter
2) Domestic Counter Refund
3) Agent Sales
4) Agents Refund
5) International Counter Sales
6) International Counter Refunds
7) International Agents Sales
8) International Agents Refund
CHECKING THROUGH OTHER SYSTEMS
TCN
Sales Balancing
Pax Lift
OTHER SECTIONS FOR PHYSICAL CHECKING
General Refunds
Documents Control
Sales Report Control
Tax Unit
Reconciliation Unit
Credit Control Unit
PAX REVENUE
DOCUMENT CONTROL UNIT
Revenue unit starts from the availability of document. The main

document for revenue section is ticket. Ticket is the comprehensive
document that gives the complete information required to travel.
SALES REPORT CONTROL UNIT
Sales Report Control Unit is assigned to receive sales report from

Domestic agents, Domestic Counters and International Stations. The
sales report control unit receives report on daily, weekly and monthly
basis. After the report has been arrived the international and domestic
counter sales are upgraded and this shows the receipt of sales report. If
one has to verify that whether the sales report has been arrived or not
he can enter the IATA code that is INTERNATION AIR
TRANSPORT ASSOCIATION and IATA code is assigned only to
registered agents.
INTERNATIONAL SALES UNIT
International sales unit is a unit of Pax revenue. International sales unit

is a unit where it receives revenue or sales report from international
stations.
There are two counters from where tickets can be sold:
Through counter
Through agencies
DOMESTIC SALES UNIT
Domestic sales unit is also a unit of Pax Revenue and it also performs
the same activities as International Sales Unit performs. Domestic
sales unit comprise of :
Domestic counter
Domestic agency
AGENCY SALES UNIT
Agency sales unit is the subunit of Pax Revenue and this unit includes
the sales from agents. This unit involves ASR that is Agency Sales
Report and these reports include the tickets sold through agents and it
gives the complete information of ticket fare, taxes, class and also
shows the commission charged by the agent.
TAX UNIT
This is the payment which PIA pays to government and civil aviation.
It is an impost for raising revenue for the general treasury which will
be used for general public purposes.
PAX LIFT
Pax lift is the sub unit of Pax Revenue. Its main purpose is create earn.
International and Domestic stations send utilize flight coupons on daily
basis to Head Office of Pakistan International Airlines (PIA).
STEPS PERFORMED BY PAX LIFT UNIT
STEP 1: SHIP PAPER CONTROL

STEP 2: PREP STATION
STEP 3: SCANNING
STEP 4: IBML
STEP 5: TILE
STEP 6: KEY VERIFY
STEP 7: VQA
STEP 8: COMMIT
STEP 9: RELEASE
STEP 10: EXPORT
STEP 11: ETC
TCN
TCN means Transaction Control Number or Ticket Control Number. This is

the process in which error correction is done on tickets in which there some
error exists while constructing them as when tickets are sold their data is
recorded electronically in CRS (Computer Reservation System) errors in the
tickets block the system and it stops the data to proceed further. For this data
to precede these errors are corrected.
SALES BALANCING UNIT
Sales balancing unit is that unit of PAX revenue where unbalanced

sales are settled and if there any shortfalls than raise a debit memo.
When sales are generated the data pass to two units one is TCN and
other Sales Balancing Unit
REFUND
Refund is the claim against surrendered documents. Refund can only

be made id revenue is earned.
Refund for different types of ticket:
1) Revenue ticket
2) Army APW/ TAC
3) Student Applicant
4) Difference of Fares
5) Agent Refund
6) Bank Commission
RECONCILLIATION UNIT
In this unit reconciliation of revenue accounts is done and the agency

sales report are collected from different stations on monthly and
fortnightly basis and are then sent to Reconciliation unit which is also
referred to as R10 unit
ACCOUTING FOR RECONCILIATION UNIT
DEBIT CREDIT
INCOME *****
EXPENSE *****
ACCOUNTS RECIEVABLE *****

SALES *****
CASH CLEARANCE ACCOUTN *****

ACCOUNTS RECIEVABLE *****
CASH *****
CASH CLEARANCE ACCOUNT *****
CREDIT CONTROL
PIA is an airline industry and it provides services but will receive the
revenue later this is where credit control unit comes. Services extend
on credit for which payment will be received at later point of time.
Credit is extended by the marketing people; a person who extends
credit is also liable for recovery.
Finance managers plan meetings with station officer for recovery.
CREDIT PRINCIPLE
The authority extending credit is responsible for timely recovery whilst

the finance department function is to ensure accounting reconciliation
and up to date status outstanding.
CREDIT CARD UNIT
The facility of credit card by organizations to its customers is the most

exciting feature which represents an organization. For an airline
industry this means that the customer can buy the tickets on credit
rather than cash.
INTERLINE REVENUE
Interline revenue is the revenue which is generated if the passenger

travel on other airline but have the ticket of some other airline like if
the passenger is having a PIA ticket but there are some destinations at
which the flights of PIA does not go but it cannot loose its customer by
refusing its demand so it issues him the ticket but the passenger will
travel on that airline whose flight go to that place.
The money is not directly transferred between the two airlines but
through IATA clearing house
The documents involved in Interline Revenue
Flight coupons those coupons which are utilized
MCO: Miscellaneous charges order

This is the document which works as the claim and PIA does not pay
its customer in cash but issue him the MCO.
PTA: Prepaid Ticket Advice

This is the ticket issue in one country but can be utilized in other
country. In this type of ticket money cannot be transferred but tickets
can be transferred.
EBT: Excess Baggage Ticket

This is the ticket which is issued when the weight of the baggage
exceeds by the allowed weight.
Interline revenue consist of two units
Interline Receivable
Interline Payable
INTERLINE RECIEVEABLE:
Interline receivable means PIA will receive the amount of the services
delivered to the customers of other airline as they issue ticket of other
airline but travel on PIA.
The Interline Revenue Unit receives the Interline Receivable

documents from Pax Lift Unit, and the revenue of PIA is calculated
through Proration method (method of distribution of revenue between
or among participating airline).
INTERLINE PAYABLES:
PIA has to pay the other airline if its customer travel on other airline
for reaching its final destination and the account will be treated as
Accounts Payable.
Documents
Lifted PK documents
Summary of invoice
Rejection memo
CARGO REVENUE
Cargo revenue section consists of four units
Lift unit
Sales unit
Mail unit
Pricing unit
The main difference between lift and sales unit is that lift unit
comprises of earned revenue whereas sales unit composed of unearned
revenue.
LIFT UNIT
Lift unit comprises of earned revenue that the cargo is been loaded.
The basic document for cargo is airway bill. in lift unit comes the lifted
airway bill.
The first step in lift unit is to CONTROL.
PIA cargo unit must get the domestic airway bill within 24 hours and
international airway bill with the next available flight.
The second step after checking is that online punching is done. there
are approximately 13 to 14 fields, all date on airway bill will be
punched online. this would be done till the end of month and at month
end reports will be generated.
SALES UNIT
Sales unit receive airway bills from different station. they have a
standard called COSSAP.
Types of report:
R-2: this shows report from counter. Include sold copies of airway bill
R-11: this includes agency report, shows full detail and gives net
revenue. at month end credit period will be given including all
remittances and airway bills on station. Finance manager will issue
a receipt to the agent.
R-3: this shows different consignments collection
R-4: this includes miscellaneous revenue. Other activity than counter

or agent like cancellation charges, lost ticket deposit
MAIL UNIT
The mail unit is concerned only with the post office. Different stations
send CN38 (old name AV7) document. Here comes the airway bill
document. The steps in mail unit are as follow:
Control: In mail unit first is the control section that checks whether the
document from flight is correct or not.
Coding
Sector wise Segregation
Batch making
Online punching
Report from DPC
PRICING UNIT
The main function of pricing unit is to check whatever rates mentioned
on air bill are in accordance with the approval given by marketing
division of PIA or not. If there is any deviation in the rates means if
they are not in accordance with the approval than through the software
named FOXPRO the Cargo Pricing unit will follow up to the concern
station. For this deviation the concern station will give justifications, if
he fails to justify his act than the matter will be raised in front of higher
management but if he gives good reason for that deviation PIA pricing
unit will make adjustment on FOX PRO. The cargo commission is 5%.
ACCOUNTING
FUNCTIONS
• Suggest improvements in financial policies for the sake of

efficiency to maintain the high professional standards and financial
controls.
• Supervise the preparation of month end accounting closing and

preparation monthly financial reports coordinate with other sections
of finance departments and data processing services to ensure at
month end closing dates are respected. Ensure that yearly and half
yearly ad quarterly reports are prepared accurately and on time.
• Maintain the consolidated general ledger accounts
• Working with data processing service to improve efficiency of

computer based accounting.
• Prepare special studies for top management government

agencies and IATA (international airline transport association).
• Supervise the asset accounting coordinates with auditors

(internal, external and government auditos) and get annual financial
accounts.
WORKING:
Accounting system of PIA is decentralized. Every branch is

responsible to submit its accounting report to the head office branch.
Software named CSAP “CPORPORATE STANDARD
ACCOUNTING PACKAGE” has been developed for branch
accounting. Cash book and sales book are maintained on this software
which records the revenues and cash disbursement branch wise.
COLLECTION ACCOUNT
The purpose of this account is to record the revenues which are being
generated by two major sources one is by the sale of tickets for the
online transportation of passengers and second source is interline
DISBURSEMENT ACCOUNT
It records the cash payments for meeting the expenses. Checks are
issued for the payment. On domestic stations this account is always
remained zero.
FIXED ASSETS
PIA has the fixed assets of Rs.37000 and above. The fixed assets
having value less than Rs.10, 000 do not charged depreciation. Straight-line
depreciation method is being followed here
PAYROLLS:
FUNCTION:
To provide salaries to the employees of P.I.A working either
domestically or internationally.
WORKING:
The processing of payroll is performed by main frame (computer). PIA

is maintaining its centralized payroll system in its head office Karachi.
All the payrolls have also been allotted their codes are called "Sources
codes". Which are as follows:
• Source 50 (Appointment Advice)
• Source 51 (Confirmation Advice)
• Source 52 (Salary Change Advice)
• Source 53 (Loans Deduction Advice)
• Source 54 (Statistical Data Change Advice)
• Source 55 (Amount Adjustment/Change Advice)
• Source 56 (Change/Promotion/Demotion/Transfer Advice)
• Source 59 (Termination Advice)
Pay roll section is further divided into following sub sections.
i) Domestic Payroll:
This payroll is for the employees in Pakistan, payment is done through
a local bank, e.g. Habib Bank, MCB.
ii) International Payroll
The employees working at overseas stations are paid in Local currency

and the transaction is done through city bank. There are 530 foreign salary
employees.
iii) Reconciliation
here all the salaries are reconciled
iv) Payroll taxes

In this section tax are deducted from the employees’ salary. Some of the
allowances are taxable, some are non-taxable and remaining allowances
are partially taxable. The income tax department fixes all these
allowances.
v) Final settlement:
This is the document prepared for the employees who are separated from
P.I.A for any reason like death, retirement, Termination etc.
\
Funds Management
PIA Bank Accounts
Foreign Stations:
 115 Bank Accounts in 41 countries dealing with 38 different banks
& around 30 different currencies.
Domestic Stations:
 77 Bank Accounts in 33 cities.
 Primarily dealing with 3 local banks .i.e. HBL ; NBP & UBL
Head office Composite Accounts

 3 Foreign and 3 Local currency accounts.
Foreign Stations
Collection Accounts:
 All local receipts deposited into this account

 Transfer of required funds to Disbursement Account to facilitate
local payments.
 All surplus funds transferred to PIA Head Office “US$ Composite
Account” with Citibank New York by converting local currency
into US Dollars with same day value (on Weekly / Fortnightly /
Monthly basis).
 All remittances checked (online) via “US$ Composite Account”
with Citibank New York and confirmed back to station.
Disbursement Accounts:
 All Station related payments made from this account.

 Required funds recouped from the Collection Account.
 ‘NIL’/ Minimum balance held overnight.
Domestic Stations
(All accounts held at “NIL” balance overnight)
Collection Account:
 Held with HBL, UBL & NBP.

 Station/Booking Office receipts deposited to this account.
 Transfer of required funds to Disbursement Account to facilitate
local payments.
 All Surplus funds transferred DAILY to Head Office Composite
Accounts held at Karachi leaving NIL balance overnight.
Disbursement Account:
 All Station related payments made from this account.

 Required funds recouped from the Collection Account.
 NIL balance held overnight
PIA Head Office Composite Accounts
Foreign Currency Accounts:
US$ ACCOUNT WITH CITIBANK NEW YORK

 Surplus funds (other than “Euro” countries) remitted to this
account in US dollars.
 Facilitates all Head Office US dollar payments.
 Surplus funds placed on short term deposits at best available
rates.
 Online access.
EURO ACCOUNT WITH HABIB ALLIED INTERNATIONL

BANK LONDON
 Surplus funds from “Euro” countries remitted to this account.
 Facilitates all Head Office Euro payments.
 Surplus funds placed on short term deposits at best available
rates.
Pak Rupee Accounts:
PAK RUPEE COMPOSITE ACCOUNTS HELD WITH HBL,

UBL & NBP
 Credit balances from all domestic stations remitted on daily
basis.
 Facilitates all Head Office PKR payments.
 Surplus funds held in special savings/short term deposit
accounts with reputable banks to maximize return and ensure
adequate liquidity to meet working capital requirements
Reconciliation (HO) Accounts
 Receiving bank statement

 Preparing analysis of Bank statement
 Preparing JV (Journal Vouchers) into Pak Rupees Accounts from
Debit /Credit transaction.
 Prepare Reconciliation
Operation of PIA Bank Account
1) Collection Account (Station)

2) Disbursement Account (Station)
3) Current Account (HO)
4) L.C Account (HO)
 Issuance of bank operating instruction

 Issue instructions to bankers nominated authorized Signatories list
of PIA representative posted at station to carry out station
business.
Bank Reconciliation
1) Receiving Bank statement

2) Summary of Cash deposit (R9)
3) Bank Reconciliation
Processing
 Receiving summaries of R9 (Aggregate of all the Revenues) from
all the stations.
 R9 processed through station control allotting unique batch No. to
each reports
 R9 data transmitted to main frame for posting the data into General
Ledger
Checking & Processing of Stations Bank Reconciliation
 Checking of station Reconciliation
 Prepare observation regarding discrepancies.
 1st Page of Reconciliation
 Outstanding Deposit details
 Transfer to Imprest
 Transfer to Head office
 Transfer to Territories
 Transfer from Territories
 Bank Charges
 Interest received
 R9 Summary
 Date wise Deposit Details
 Report Wise Deposit Details
 Bank Statements
 Conversion of Bank transfer and Bank charges in Rupees

 Prepare JV and transmit to main frame for posting into general
Ledger
BUDGET SECTION
WHAT IS BUDGET?
Budget (taken from French word “Bougette”) generally refers to a list of all
planned expenses and revenues. A budget is an important concept in
microeconomics, which uses a budget line to illustrate the trade-offs between
two or more goods. In other terms, a budget is an organizational plan stated
in monetary terms. Budget is used at various levels almost in whole world
mostly at personal level or family level or government and corporate level
also. For a corporation, the budget of a company is normally compiled
annually. A finished budget usually requires considerable effort and can be
seen as a financial plan for the new financial year. While traditionally the
Finance department compiles the company's budget, modern software allows
hundreds or even thousands of people in the various departments (operations,
human resources, IT etc) to contribute their expected revenues and expenses
to the final budget. If the actual numbers delivered through the financial year
turn out to be close to the budget, this will demonstrate that the company
understands their business and has been successfully driving it in the
direction they had planned. On the other hand, if the actuals diverge wildly
from the budget, this sends out an 'out of control' signal and the profits could
suffer as a result.
A budget deficit occurs when an entity (often a government or an

organization) spends more money than it takes in. The opposite is a budget
surplus when an enterprise spends less money than it had planned for that
period. Cost overrun is defined as excess of actual cost over budget. Cost
overrun is also sometimes called "cost escalation," "cost increase," or "budget
overrun."
IMPORTANCE OF BUDGETING
With many of the organization’s unique goals, success will be dependent
upon monetary means. To be successful in reaching these goals, the basic
starting point will be creating a budget and living within that budget. A
budget is the most effective financial management tool available to all of the
companies. Whether it is earning thousands of dollars or hundreds of
thousands of dollars annually, a budget is the most fundamental part of
achieving the goals.
A budget is the first step in maximizing the power of your money. A well
developed budget is an important tool in your overall resources and
expenditures management plan. The good and sound budget would not only
help the organization keep track of its loans and debts, but it will also help
you keep track of its other monthly, quarterly and yearly expenses. A budget
can be as simple as it is powerful. The basic idea behind budgeting is to save
money up front for both known and unknown expenses. The major benefits
of budgeting are as follows:
♦ Knowledge about your monetary resources and expenses

♦ Control of the finances and expenditures
♦ Organization of organization’s expenses i.e. categorizing for departments,
etc.
♦ Communication between finance or budget analysts with other
departments and sections
♦ Saving Time in Future: Every expenditure is planned and organized which
saves time in future if any discrepancy occurs
♦ Extra Money and Resources: Unnecessary expenditures can be identified
easily.
BUDGETING PROCESS
Creating and closely following a carefully planned budget is an important
component of the future success. To construct an expense budget for an
organization or any department or any sub-section, you will need to estimate
the daily/monthly/annual costs of your needs. These costs include any type of
expenditure which can be revenue or long-term expense. In most large
and complex organizations, this task would be nearly impossible without

budget analysts. These workers play the primary role in the development,
analysis, and execution of budgets, which are used to allocate current

resources and estimate future financial requirements. Without effective
budget analysis and feedback about budgetary problems, many private and
public organizations could become bankrupt.
♦ At the beginning of each budget cycle, station managers and department

heads submit proposed operational and financial plans to budget
department for review. These plans outline prospective programs,
including proposed funding increases and new initiatives, estimated costs
and expenses, and capital expenditures needed to finance these programs.
♦ Budget Department examines past and current budgets and research

economic and financial developments that affect the organization’s
spending. This process enables analysts to evaluate proposals in terms of
the organization’s priorities and financial resources.
♦ After the initial review process, budget section consolidates individual

station and departmental budgets into operating (Revenue Expenditure)
and capital budget summaries.
♦ Throughout the remainder of the year, budget officers periodically

monitor the budget by reviewing reports and accounting records to
determine if allocated funds have been spent as specified. If deviations
appear between the approved budget and actual performance, station
managers may write a report providing reasons for the variations, along
with recommendations for new or revised budget procedures.
♦ Budget Department also involves in long-range planning activities such as

projecting future budget needs known as “Capital Budget”.
BUDGET SECTION IN PIA:

The Budget Section in PIA prepares budget estimates for the next or coming
year in the mid of the current year. Budget Section prepares budget in many
categories and organizes the budget in very effective manner i.e. it prepares
budget estimates of the expenditures expected to occur in the next period
separately for every domestic and international station where PIA operates.
Further, it helps to categorize budget estimates based on different
departments or directorates, hundreds of nominal accounts, nature of
expenditure (i.e. budgeting revenue expenditures, direct costs and capital

budget separately), etc. In PIA, Budgeting is done on basis of “Zero-Based
Budgeting Concept”.
Zero-Base Budgeting :
is a technique of planning and decision-making. It reverses the working
process of traditional budgeting. In traditional incremental budgeting,
departmental managers need to justify only increases over the previous year
budget. This means what has been already spent is automatically sanctioned.
In case of ZBB, no reference is made to the previous level of expenditure.
Every department function is reviewed comprehensively and all expenditures
rather than only increases are approved. ZBB is a technique, by which the
budget request has to be justified in complete detail by each division manager
starting from the Zero-base. The Zero-base is indifferent to whether the total
budget is increasing or decreasing.
SWOT ANALYSIS
A SWOT analysis stands for Strengths, Weaknesses, Opportunities, and

Threats and is a simple and powerful way to analyze your company's present
marketing situation. SWOT analysis is a tool for auditing an organization and
its environment. It is the first stage of planning and helps marketers to focus
on key issues. Strengths and weaknesses are internal factors. Opportunities
and threats are external factors. The goal is to identify all the major factors
affecting competitiveness before crafting a business strategy.
STRENGTHS:
Define areas the company excels in: i.e.
 Company’s Core Competency
 Resource analysis
WEAKNESSES:
Evaluate the company’s liabilities i.e.
 What could be improved at company and what should be avoided?
 Poor quality or damaged reputation
OPPORTUNITIES:
Analyze company’s customers and market attractiveness i.e.
 The favorable circumstances company is facing.

 Moving into new market segments that offer improved profits.
 Mergers, joint ventures or strategic alliances
THREATS:
Check out what company’s competitors are doing and assess other potential
challenges i.e.
 A new competitor in company’s home market or what other

competitor is doing?
 Price wars with competitors.
 A competitor has a new, innovative product or service.
SIMPLE RULES FOR SUCCESSFUL SWOT ANALYSIS:

 Be realistic about the strengths and weaknesses of your
organization.
 Analysis should distinguish between where your organization is
today, and where it could be in the future.
 Be specific. Avoid gray areas.
 Always analyze in relation to your competition i.e. better than or
worse than your competition.
 Keep your SWOT short and simple. Avoid complexity and over
analysis.
 SWOT is subjective.
SWOT ANALYSIS OF PAKISTAN INTERNATIONAL

AIRLINES
In order to analyze the strategic positioning of PIA and evaluate its strengths,
weaknesses, opportunities and threats (SWOT analysis), a number of sources
of information have been used:
• Group discussions with staff and managers

• Observation of people
• Experience of PIA’s passengers
• Customers research
• Travel agent research
• Desk research from accounts, and airline information.
This method ensures that balance of staff input and external analysis has been
used.
By conducting interviews with staff at different levels of the organization and
from different departments, the analysis provides insight into the different
attitudes and priorities that exist.
• Senior managers, (directors now SVPs and General Mangers) put a

greater emphasis on external hindrances rather than internal sources
that stymie PIA’s progress
• Managers at all levels see other departments as the primary source of

problems; inter and intra-departmental integration is a major area of
concern.
• There is a greater understanding of departmental priorities than overall

corporate goals; lack of uniform / common and shared goal
• There is no understanding of corporate strategy or mission; attempts

have been made recently to help sprout out such statements but it will
take some time before they are evenly shared and understood.
Our SWOT analysis is divided into three stages:
The first includes the strengths and weakness of the airline based on business
results-the measures of business (Profits, Seat factor, Yield, Market share).
The Second stage takes the Strengths and Weakness back from on paper
results to business and marketing issues that create the results in Stage one.
The third stage strips the strengths and weakness down to the root causes of
the airlines performance.
\
BUSINESS MEASURE ANALYSIS
Business measures look at the strength and weaknesses of the airline based
on business results-profitability, seat factor, yield market shares and other
performances measures.
STRENGHTS:
• In addition, PIA has some clear strength on certain routes.

• Auxiliary airline functions like hotels etc also augment this factor.
• On some of the more competitive routes, PIA has seen restoration in

market share; PIA has been successful with an enormous amount of
effort going into resolving passenger complaints and grievances in
order to built customer confidence and loyalty through its Complaint
Management System.
WEAKNESSES:
There are a number of business measures which show some areas of concern
in the airline’s performance:
• Financial Position
The accounts do not appear to show a relatively healthy financial

position for the airline. The un-audited Profit & Loss account for the 1st
quarter ended March 31st, 2006 shows PIA in loss and the loss figure
for the 1st quarter 2006 is Rs. 3080435000.
• Poor Yield On Many International Routes
Whilst the gulf and central Asian routes record respectable yield, some
routes achieve less than respectable yield (North America for example)
and other between half and two-thirds (Europe, batik and Africa for
example).
• Losses On Domestic Routes
Government controlled pricing leads to an obviously low yield on

domestic route with a high seat factor, but resulting in break even seat
factor of 250%. Not all domestic routes are price controlled and the
recent price reductions i.e. the price war with other carriers have
damaged the airline’s performance on prime domestic routes.
• Low Seat Factor On Certain Routes
A number of International routes consistently achieve below 60% seat

factor (Europe, Middle East, for example). With new routes like
Malaysia and Kenya being added this is compounding the problem;
lack of aggressive marketing on part of the Sales Promotion team is
also a major contributing factor. Due to this, the flights to Nairobi
station have been suspended.
• Low Fare Paying Seat Factor In Business And Economy Plus

Class
Although Business Class and Economy plus Class are sometimes full,
the seat factor for revenue passengers is relatively low. However,
recently this issue is being addressed rigorously.
• Loss On Certain International Route
Owing to continuation of low seat factor and poor yield, certain routes
are running at significant losses and adding new sectors is not off-
setting the loss but rather having a multiplier effect.
BUSINESS AND MARKETING ISSUES:
Behind the “on paper” strengths and weaknesses, there are business and
marketing reasons for the results outlined above.
STRENGHTS:
• Ethnic Loyalty
Research shows that there is a considerable loyalty for PIA from

Pakistanis living abroad. This is particularly significant for traffic from
the various ethnic communities returning to Pakistan to visit relatives
(VFR). Not to mentioned blue collared workers of Pakistani origin
working in the Middle East; their prime reason for flying PIA is a
heightened sense of patriotism.
• Routes (Global Network)
PIA has a strong strategically positioned network of International

routes as well as strong domestic Network. Apart from the fact that
historically PIA enjoyed a good ranking / repute within the aviation
community for safety, reliability and service standards, this however
has dwindled over a period of time.
• Flag Carrier
PIA earns a sense of loyalty and pride as the national airline for
Pakistan and hence leverages this strength to funnel in untapped
customer potential.
• Infrastructure
Base support and maintenance facilities reduce PIA’s dependency on
outside help for keeping its fleet in fly-worthy condition.
• Capable & Competent Workforce
One of biggest strength of PIA is its competent and capable employees

(specialized in their fields) and induction of fresh talent help in
leveraging the condition of the organization.
• Market Expertise & Aviation Leadership
PIA has some of the world’s firsts up its sleeve and it’s been in the
commercial aviation business for good 48 years; this gives it an added
advantage / edge over its rivals.
• Reservation System
There has been a major re-structuring done in the reservation system.

There are a number of factors concerned with reservations that are
improving ticket sales, which are illustrated by travel agent interviews.
There is no need of Seat re-confirmation now. Moreover, e-ticketing is
a major break through in this regard.
• Diversified Operations
PIA’s subsidiaries like the Precision Engineering Complex, the

Roosevelt Hotel at NYC and joint partnerships provide it a cushion to
swing its economies of scale and absorb losses to root out competition
and face up to the challenges of increased operating costs due fuel
price increase etc.
WEAKNESSES:
• Lack Of True Service Quality Measurement
Although PIA produces considerable analysis of service from

complaints analysis to quality measurement, the way the information is
gathered does not best lend itself to unbiased evaluation of customer
service. Detailed analysis of the data collected is also a weak area.
• Weak Branding
PIA products i.e. routes do not a have a strong brand image. Business
Class in particular, suffers from lack of use by Executives. Business,
Club, Sohni to describe the service (Menus, Tickets, Check-in etc) and
First class labels are often used which do not yield positive or the
intended results.
• Historical Statistical Analysis
A great deal of management time is spent in producing reports and

analysis that look back on past performance. This is particularly
reflected in the marketing plans which are primarily historical analysis
with only a small amount of activities for the oncoming years. The
emphasis on historical analysis is such that airline’s marketing plan is
only finalized when complete figures for the previous years are
available. However, a new business plan is being proposed which has
been developed on modern lines.
• Image In The Market Place
Despite the “golden years” when PIA had a strong reputation in the
market for service, the length of time over which the level of service
has deteriorated has left PIA with a generally poor image. This will
take a considerable time to overcome.
• Lack Of Planning In All Areas Of The Organization
Apart from the fleet plan, there is absence of planning at all levels of
the organization which leaves mangers without a sense of purpose and
there staff lacking a sense of achievement.
• Instability To Resist Government Influence

There is a strong feeling from senior mangers that government
interference is one of the main (if not the main) reason for PIA’S
problem because government holds almost 89% of the company share.
While outside influence is clearly an issue, due to various regimes.
There seem to be time when the extent of the impact is greater than
necessary, when history dictates the reaction.
• Lack Of Implementation Through The Organization
Considerable effort is taken up by managers in PIA writing reports,

memos and analyzing why problems have occurred. The same level of
activity does not seem to apply to implementing change to prevent
reoccurrence of the problems. This is illustrated by lack of true
implementation resulting from the Quality Assurance reports from
MIS - frequently action is regarded as writing a memo or paper
pushing. Some other organization weaknesses have been enumerated
as under in order of priority:
1. Over-staffing
2. Unethical Work Practices and Commission Culture
3. Fast Deteriorating Infrastructure and aging fleet
4. Politicized work environment leading to low morale
5. Marketing Arrogance – The notion that PIA is way to big for
any competitor to bring it down
6. Top Heavy Management
7. Inefficiencies in operational processes
8. Lack empowerment of employees and Zero Trust Culture
ROOT CAUSES
The third stage of stripping back the reasons behind ‘on paper’ results,
exposes the most basic strengths and weakness at the root of the issues facing
the airlines.
STRENGHTS:
• Dedication Of Many Staff
Although staff morale is generally low / poor and there are high levels
of frustrations, there are still a significant number of staff-members
that are genuinely committed and loyal to the company.
• Talent In Many Areas Of The Company
PIA has a huge amount of experience / expertise in the organization

and some staff member’s considerable talent to offer to the company.
This is more often then not under utilized due to poor career planning
and weak management skills.
• Desire To Be Successful For Many Staff
For staffers who remember “the good old days” or those who see the
potential, there is a great sense of willing the airline to succeed.
This core of strength in the people of the company could form the
foundations of its future prosperity. Providing these strengths are
suitably harnessed and channeled in the right fashion.
• True Corporate Strategy

Since the original PIAC its initial setup and organization there had
been no formalized corporate strategy to direct the organization or re-
engineer to meet the challenges of times but now there is a true
corporate strategy with well-defined vision, mission statement and
values giving a clear picture of its goals.
• Training Of Employees
For many staff, apart from the on-the-job-training the technical training
in some areas is also given. And for the newly hired employees
different criteria for training is set and followed. In this regard the PIA
Training Centre (PTC) plays a very important role. The training to
existing employees is given to prompt their skills and abilities and to
newly hired employees for training them according to the requirements
of the jobs for which have been hired.
WEAKNESSES:
• Lack Of Effective Planning
There is a marked lack of either long or short term planning beyond

day to day activities. The credibility of the PIA’s fleet plan and its
attrition planning is doubted by many staff, but it’s this plan that is the
only long term plan that seems to exist. The lack of real plans, goals or
objectives at any level of the organization adds to the lack of a sense
purpose.
• Departmentalization
The career paths of most staff up to General Manager level are

exclusive in one department. While providing very experienced
managers in their own discipline, this creates barriers between
departments due to a lack of a profound understanding of others work
areas.
• Non-Merit Based Organization

Generally, merit is not a factor that, in theory or practice, holds much
value in PIA’s organizational structure-particularly in terms of rewards
/ punishment and career planning or progression.
• Management Of Staff Issues
There are some significant issues in staff morale, communication;

appraisal (ACRs) system has been replaced by new system Bell Curve
System evolved recently, recruitment, selection, decision-making,
career planning and empowerment of staff.
• Bell Curve System
In PIA, grading now is done according to the Bell Curve method of

assigning performance grades designed to yield a desired distribution
of grades among the employees of the organization. And this method is
also known as forced performance review method. In this the scale of
grading is fixed prior grading. In PIA the grading is as Out Standing,
Very Good, Good, Needs Improvement and Inadequate Performance.
Bell curve grading assigns grades to employees based on their relative

performance in comparison to the performance of employees' of the same
division/department. The term "bell curve grading" came, by extension, to
method of assigning grades that makes use of comparison between
employees' performances. The supervisors can decide what grade occupies
the center of the distribution & the supervisors can also decide what portion
of the frequency distribution each grade occupies and whether or not high
and low grades are symmetrically assigned area under the curve In a system
of pure curve grading, the number of employees who will receive each grade
is already determined at the beginning. The main drawback of this can be the
biased decisions of the supervisors or grading done by other superiors of a
different department or division.
OPPORTUNITIES:
The opportunities in the SWOT analysis review are external to the

environment and hence reflect as opportunities for the airline in the future.
• New routes - Houston

Chicago
Glasgow
Singapore
Urumqi
Kuala Lumpur
Los Angeles
• Additional flights - Hajj & Umra Operations
• Fleet replacement
• Improvements in domestic facilities outside Karachi
• Sub contract work - Food / Catering

Engineering
Technical Ground Support
• Expansion of business traffic
• Greater involvement in control of domestic airport facilities
• Tourism in Pakistan
THREATS:
The external factors that my pose a threat to the future progress of the airlines
have been carefully considered. These areas could have a significant impact
on the airline’s profitability, particularly those relative to revenue and cost.
• Future operating cost of the airline (upgraded fleet requirement

and higher fuel prices, insurance cost, maintenance costs, etc)
• Increase competition in both service and price. It is apparent

from travel agent research that PIA is facing improving service
levels from competitors as well as very competitive pricing. This
is clearly undetermined PIA’s competitive position.
• New carriers in (domestic and international)
• Political instability
• Increasing education of second and third generation Pakistanis

living overseas
• Government / political environment of Pakistan
• Frequent changes in leadership (Chairman & MD)

CONCLUSION OF SWOT ANALYSIS:
Current Position - “Surviving in spite of itself”

The accounts do not appear to show a relatively healthy financial position for
the airline but shows loss. It has certain market strengths in certain sectors
and enjoys reasonable seat factor on many flights but also faces competition
from the other airlines operating domestically and internationally.
However, the airline is facing obstacles by fundamental weaknesses in

strategy and people issues. These core problems lead to number of
weaknesses in the underlying business performance.
Future Position - “Declining without essential change”

The airline’s operating cost will unavoidably increase in the future if only
due to the need of fleet. Future European environmental laws, in addition to
the age of the fleet, and US regulations will force changes.
CONCLUSION
Air travel remains a large and growing industry. From a global perspective,
the airline industry is making strides towards its goal of sustainable
profitability, partly by improving the efficiency of business operations, but
also by encouraging the public to return to the skies with a more desirable
travel experience. Worldwide, IATA, International Air Transport
Association, forecasts international air travel to grow by an average 6.6% a
year to the end of the decade and over 5% a year from 2000 to 2010. But, the
most dynamic growth is centered on the Asia/Pacific region, where fast-
growing trade and investment are coupled with rising domestic prosperity.
Air travel for the region has been rising by up to 9% a year and is forecast to
continue to grow rapidly. Yet there are undoubtedly problems that still need
to be addressed if the gap is to be bridged. Twenty-nine percent of airlines in
the region are still 100% paper tickets, despite a campaign spearheaded by
IATA to convert the industry to 100% e-tickets by the end of 2007.
To ensure safe and efficient civil aviation operations in Pakistan, the country
facilitates operations in the domestic & the international market of the safest
standards in conformity with ICAO standards by an optimum number of
airlines to encourage competition without dissipating the market. In Pakistan
the aviation industry is managed by the Civil Aviation Authority. There are
42 airports in the country being managed by Civil Aviation Authority
(CAA).Out of these, 5 airports viz Lahore, Karachi, Islamabad, Peshawar and
Quetta are international airports. The other main airlines operating in
Pakistan except PIA are Aero Asia International, Air Blue, Shaheen Air
International.
Pakistan International Airlines (also known as PIA), is the national flag

carrier of Pakistan and the National airline of the country operating passenger
and cargo services around the world. The core values of PIA are Customer
Expectations, Convenience, Caring and Competitive tariff. Pakistan
International Airline serves 46 international destinations across four
continents and 36 domestic destinations. The current fleet of PIA is 42
aircrafts. Recently, a CSR Committee has been constituted to bring an
increase in the company's commitment in the area of social responsibility.
PIA is working on the guidance of the Chairman and CEO to perform these
activities in a planned & organized manner.
Emirates classify itself as First Class whenever passengers fly. Emirates

Airlines is the international airline of the United Arab Emirates, based in
Dubai. Its current fleet is around 92 aircrafts. British Airways is the largest
airline of the United Kingdom. It is also the second largest airline in Europe
(behind Air France-KLM), with more flights from Europe across the Atlantic
than any other operator. Its current fleet is above 221 aircrafts. While, Air
India is India's national flag carrier with a network of passenger and cargo
services worldwide. It is one of the two state-owned airlines in the country,
the other being Indian Airlines. Air India and its low-cost subsidiary Air
India Express currently operate a current fleet consisting of 42 aircrafts.
The major results identified in its SWOT Analysis of PIA are:
1. Managers at all levels see other departments as the primary source of

problems; inter and intra-departmental integration is a major area of
concern.
2. There is a greater understanding of departmental priorities than overall
corporate goals; lack of uniform / common and shared goal.
3. Poor Financial Position, Poor Yield, Weak Branding, Lack of
Planning, Over-Staffing, Politicized work environment, Non-Merit
Based organization are the major weaknesses.
4. Ethnic loyalty, Global Network, Flag carrier, Infrastructure, Competent
Workforce, Reservation systems and training system are major
strenghts.
5. New routes, Additional flights, Fleet replacement, Sub-contract works
and Tourism in pakistan create major opportunities for PIA.
6. Future operating cost of the airline, increase competition in both
service and price, Political instability, frequent changes in leadership
are major threats.
While, the SWOT Analysis of HRM reveals the following:
1. PIA considers its human resources as the only asset that appreciates
with the passage of time.
2. Organizational Development, Personnel selection process, Employee

leadership teams (ELT), Cross Functional Teams, etc are major
strengths for HRM department.
3. One of the main weaknesses of the department is that the set rules and
regulations are not being followed in the true spirit which can cause
great problems in the future.
4. Job hopping, insignificant changes and inadequate communication

process are major weaknesses.
5. Training and exposure in multinational globe will produce

opportunities for employees to work at international level crossing the
cultural dimensions and thus helping them to work under diversified
cultures.
6. One of the major threats for HRM in PIA is that the competitor airlines
are offering PIA employees many times more of the package they were
getting at PIA.
The survey of the employees’ perception about PIA was also conducted to
make our research more practical-based on real figures. Thus, we have
conducted our survey through Sampling. We have collected data from 50
employees only. Thus, our results are generalized for all on basis of our
sample comprising of 50 employees working in Pakistan International
Airlines (PIA). There were 39 males and 7 females among our 50 member
sample and 4 people didn’t mention their gender. Some other interesting facts
revealed from questionnaire based survey are following:
• Majority of the employees preferred Emirates Airline with British

Airways following it and the third most preferred airline was PIA.
• 94% of the employees advised that recruitment and selection process at
PIA needs improvement.
• Only 28% of the employees believe that there are open lines of
communication among the superiors and subordinates of PIA.
• 20% of the total population agrees that PIA training center is fulfilling
its role in providing the quality training to the employees working in
PIA.
• 38% of the sample population agreed to some extent that HR

department is playing its part in the efficient working of PIA and 36%
were in complete favor.
HR Department
20
Responses
15
10
5
0
NO YES TO SOME
Options EXTENT
• Only 24% of the employees responded positively that PIA is following

the international standards in providing the services.
International Standards
30
25
Responses
20
15
10
5
0
NO YES TO SOME NO
Options EXTENT RESPONSE
• Majority of the people in PIA showed their satisfaction towards the
overall package offered to them at PIA.
• According to the survey in PIA majority of the people i.e. 58% of the
total sample population prefers the overall package as their
motivational force while 16% of the total sample voted for promotion,
10% for increment in salary, and 2% for the delegated authority.
While, 4% did not respond to this question.
BIBLIOGRAPHY
• http://www.piac.com.pk/
• http://www.ptc.piac.com.pk/
• http://www.piac.com.pk/fleet/fleet.asp
• http://www.airindia.com/
• http://www.emirates.com/
• http://www.emirates.com/pk/
• http://www.britishairways.com/travel/globalgateway.jsp/global/public/
en_
• http://en.wikipedia.org/wiki/Encyclopedia

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STUDY OF FINANCE DEPARTMENTS OF

PAKISTAN INTERNATIONAL AIRLINES CORPORATION

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Here is the report related to Finance units you assigned to me as

I have tried to explain different units of Finance. These are the

In the process of completion of the report there were several

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Worldwide, IATA, International Air Transport Association, forecasts

Nevertheless, the aviation industry is characterized by strong nationalist

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AIRLINE INDUSTRY IN PAKISTAN

On October 23 of 1946, Orient Airways, registered in Calcutta, was formed. In

THE 1950s AND 1960s

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THE 1970s AND 1980s

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BOEING 777 ORDER

FRENCH ATR REPLACE FOKKER:

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EU BAN AND RESIGNANTION OF CHAIRMAN:

Aircraft Type Total Passengers

FUTURE FLEET PLAN

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ACHIEVEMENTS AND RECOGNITIONS:

• The first airline in South Asia to introduce auto-ticketing facility.

• First airline in the world to induct Boeing 777-200LR, the world's

• Pakistan International Airlines Flight Services Department was

PIA to be a world class profitable airline exceeding customer

MISSION STATEMENT OF PIA

Employee teams would contribute towards making PIA a global airline-of-

• Achieving adequate returns for all stakeholders

• Offering high quality customer services and innovative products using

• Taking cost-effective measures in procurement and operations

• Fulfilling Corporate Social Responsibility

• Being an equal opportunity employer

• Adhering to business ethics and zero tolerance for corruption

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• Providing competitive compensation and a congenial working

• Linking remote regions of Pakistan

Convenience, Caring, and Competitive Tariff

Personalized and Courteous

Cherishing New Ideas, Translated Into Action

Respect for Individuals, Teamwork, and Effective Communication

Business Ethics, Accountability, and Transparency

Loyalty and Consistency

Passengers, Employees, Environment, and Health

TRAINING AND EDUCATION

PIA SPORT DIVISION

EMERGENCY RESPONSE PLANNING

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3. MANAGEMENT INFORMATION SYSTEM.

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• Fleet Planning Division.

8. AIRPORT SERVICES DEPARTMENT.

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I Pakistan Services Ltd.

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 Off line stations 43

Ch. Ahmed Mukhtar

Mr. Mueen Afzal