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Air India to post operating profit this fiscal, says government
Highlights
Air India will report an operating profit in the current fiscal, primarily benefiting from low crude prices and improved operational efficiency, the government said on November 6. The loss-making national carrier, surviving on a Rs 30,000 crore bailout package, is implementing a turnaround plan.
Air India will report an operating profit in the current fiscal, primarily benefiting from low crude prices and improved operational efficiency, the government said on November 6. The loss-making national carrier, surviving on a Rs 30,000 crore bailout package, is implementing a turnaround plan.
"Air India is going to report operating profit in this financial year (ending March 31, 2016) and is expected to be Rs 6 crore," said Civil Aviation Secretary R N Choubey.
The airline is benefiting from fall in crude oil prices and improved operational efficiency, he added. According to him, better on-time performance and increased availability of passenger aircraft have helped in improving operational efficiency.
The airline is saddled with a debt of about Rs 40,000 crore that includes a long-term loan taken for aircraft purchase and working capital loan. It has accumulated a loss of close to Rs 30,000 crore. It reported losses to the tune of Rs 5,389 crore and Rs 5,490 crore respectively in the fiscal 2013-14 and 2012-13 respectively.
Air India is surviving on a Rs 30,000-crore bailout package extended by the previous UPA government in 2012.
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