Air India’s operational profit rises to Rs 215 crore in 2016-17

Air India’s operational profit rises to Rs 215 crore in 2016-17

Air India’s operational profit rose to Rs 215 crore and net losses narrowed to Rs 3,643 crore in 2016-17, according to the government.

Air India’s operational profit rose to Rs 215 crore and net losses narrowed to Rs 3,643 crore in 2016-17, according to the government. To revive the loss-making national carrier, the government is working on the modalities for its strategic disinvestment while Ernst & Young LLP has been appointed as the transaction advisor. According to provisional figures mentioned in a written reply given by union minister Jayant Sinha in the Lok Sabha, the airline has increased its operational profit to Rs 215 crore in the last financial year.

In 2016-17, the airline had a net loss of Rs 3,643 crore while operating profit rose to Rs 215 crore, the provisional figures showed. Air India incurred a net loss of Rs 3,836.77 crore even as it managed to eke out an operational profit of Rs 105 crore in 2015-16.

“As per the provisional figures for financial year 2016- 17, the total loans of the company as on March 31, 2017 are around Rs 48,877 crore,” Sinha said.

To a question on whether the government has consulted all stakeholders, including workers’ unions before the disinvestment, he replied in the negative. On June 28 this year, the Cabinet Committee on Economic Affairs (CCEA) gave its in-principle approval for strategic disinvestment of Air India and its five subsidiaries. An Air India Specific Alternative Mechanism, headed by Finance Minister Arun Jaitley, is working on the modalities.

The On-Time Performance (OTP) of Air India flights is monitored at the highest level by the top management of the airline as well as the civil aviation ministry, Sinha said in another written reply. Various measures, including initiatives to increase the availability of resources in terms of crew and aircraft, are being taken to improve the OTP, he added.

About author

TnH Global
TnH Global 4048 posts

Our platform is the most comprehensive, current and accurate content destination for tourism that also offers the opportunity to connect and network with quality buyers and sellers.

Name: TnH Global              Email: admin@tnhglobal.com

You might also like

Trending

Special pilgrims’ trains to Takht Patna Sahib

With a view to facilitate pilgrims travelling to Takht Patna Sahib in Bihar for the concluding ceremony of 350th birth anniversary celebrations of Guru Gobind Singh from December 22 to

Latest

Roar Nightclub conquers the capital city

The Capital has something scintillating to offer with the grand opening of newest hotspot ROAR Nightclub. The venture brings together nightlife moguls Aajay Bindal and Mohit Gulati along with Mr.

One&Only Ocean Club, Bahamas Rediscovered

The Bahamian Legend returns on 14 February Revel in serenity as the Bahamian beach destination, One&Only Ocean Club reopens on 14 February 2017. On the tranquil shores of Paradise Island,

Visa FAQs: VFS Global Addresses Travel and Visa Queries

The travel and tourism industry, unarguably, is one of the most affected sectors since the onset of COVID-19. With country borders sealed, cities brought to a standstill and all transportation

Latest

Better international connectivity from Tier 2 cities fuels increase in outbound travel this summer

International flights from tier-2 airports such as Lucknow, Ahmedabad, Amritsar and Kochi are fueling outbound travel from India this summer, according to a study conducted by Cox & Kings. Gone

Trending

The Grand Dragon Hotel Ladakh – first international class hotel in remote and isolated outpost

The Grand Dragon Hotel Ladakh, located at a height of 11,562 ft in Leh, Ladakh in the Himalayas, holds a place of pride in the hearts of the locals as

Government

Airbus signs pact with UTair India for support services

The European aviation major Airbus has entered into a pact with UTair for providing various support services like fleet maintenance, spares supply and operations training to the private helicopter operator.

Destinations

One&Only Dubai welcomes guests to celebrate Ramadan in true Arabic tradition

This Ramadan, guests and visitors alike can experience the very best of Arabian hospitality at One&Only resorts in Dubai. One&Only Royal Mirage, the chic and buzzing beach resort overlooking Palm

Trending

Bun Luang and Phi Ta Khon Festival 2018 to take place in June

Every year, Dan Sai district in Loei province in Thailand’s Northeastern Region, or Isan, stages a colourful event known as ‘Bun Luang’ or ‘Bun Pawat’ and the famous Phi Ta Khon Festival.

Latest

Top 6 technology trends to watch out for in the travel and tourism industry in 2018

The advent of technology is fostering a change in the travel and tourism industry regarding how companies interact with customers. Consequently, travel companies are adopting various technologies to improve operational

Latest

International journalists toured Mendoza and Buenos Aires

As part of the National Harvest Festival 2017, INPROTUR attended the delegation. The Ministry of Tourism of the Nation, through the National Institute of Tourism (INPROTUR), made a familiarization tour

Latest

Park Inn by Radisson to make debut in Thailand

Park Inn by Radisson, the upper mid-scale brand from Radisson Hotel Group, will make its debut in Thailand with the launch of a brand-new hotel in Phuket Town, the island’s provincial

0 Comments

No Comments Yet!

You can be first to comment this post!