Pakistan International Airlines (PIA) is ready to report its first annual profit of more than two decades, which marks a significant reversal for the national carrier as plans to sell the airline, according to documents seen by Bloomberg.

Pia registered earnings per Shares of RS5.01 for the year ending in December, the first profitable year since 2003, based on audited accounts.

The results are expected to be submitted to the airline’s board of directors for approval before being released in public. Pia did not respond to a request for comment.

The results mark a dramatic recovery for an airline that has been exposed to increasing financial losses in recent years, including aircraft placed at foreign airports, canceled flights and close calls with default.

Regular bailouts from the government were the most important lifeline of the airline, though these funds are now exhausted.

Pakistan’s efforts to sell the airline last year failed when the original bid came below the minimum price of about $ 306 million. However, the government is making another attempt to privatize Pia, with the first bids expected later this month.

To make sales more attractive, the government has removed approx. 75% of airline debt from its books. The move has led to renewed interest from potential buyers, with companies that previously participated in the bidding process that now expressed greater confidence, according to Usman Bajwa, secretary of Pakistan’s Privatization Commission in February.

Operational gains in recent years have been offset by the significant burden of debt service.

However, Pia has worked to achieve operational profitability by implementing reforms, including reducing its workforce by almost 30%, closing unpaid routes and improving fleet utilization.