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