AIR INDIA REPORTS NET LOSS OF 55.5 BILLION RIUPEES

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By admin November 19, 2010 14:57

AIR INDIA REPORTS NET LOSS OF 55.5 BILLION RIUPEES

Air India has reported a net loss of 55.5 billion rupees for 2009/10 as it was not able to capitalise on higher load factors due to an increase in depreciation and interest charges. The net loss for FY10, however, narrowed by about 23% from a loss of 71.89 billion rupees reported in 2008/09. Depreciation rose to 13.9 billion rupees in 2009/10 from 12.26 billion rupees a year ago. Interest and financing charges increased by 46%. Air India is currently carrying debt of about 190 billion rupees and is trying to cut costs by fleet and route rationalisation. Air India has borrowed 8 billion rupees from the Indian government in the last fiscal year and the government has allocated 12 billion rupees in its current fiscal budget to help the airline.

The airline confirmed that passenger revenues increased by 10.34 billion rupees in the first half of 2010/11 from a year ago and yields rose 13% during that same period.

admin
By admin November 19, 2010 14:57
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