Published on, Sept. 17 -- September 17, 2025 3:28 AM

Pakistan International Airlines has finally reported something it has not managed in two decades. A profit. Rs 11.5 billion in the first half of 2025, a figure the board trumpeted as proof that the national carrier is not beyond salvation.

While the lifting of European and British bans considerably added wind to its wings, the decisive boost (even if it is not being talked about) came from the government assuming nearly 80% of legacy debt, trimming finance costs. After years of red ink, the turnaround is welcome, though it owes more to balance-sheet relief than operational brilliance.

Strip away the accounting relief and the airline still faces turbulence: an ageing fleet, a culture ...