Air India Express records highest ever net profit
KOCHI, Oct 29: The state-run airline Air India Express (AIE) has reported its highest ever net profit in the financial year 2019-20. As per the audited accounts approved by the Airline's Board of Directors on Tuesday, AIE reported a net profit of Rs.412.77 crore in the financial year. The airline which started its commercial operations in April 2005, has been reporting net profit continuously for the last five years. The net profit earned by the Airline in 2018-19 was Rs. 169 Crore.
"Efficient utilization of assets in terms of aircraft, manpower and materials and enhanced operational efficiency in key areas have significantly contributed to the record profits", says K Shyam Sundar, CEO, AIE.
Despite the adverse market conditions due to onset of Covid 19 during the last quarter of the fiscal, the airline's operating revenues grew by over 25per cent from Rs. 4172 Crore in FY 2018- 19 to Rs. 5219 Crore in FY 2019 -20.
The number of passengers flown by AIE has increased by 11per cent to reach 4.84 million from 4.36 million in 2018-19. About 4.66 million of them traveled on the international sectors, taking the airline's share of traffic to / from India from 6.5per cent in FY 2018-19 to 7.1 per cent in 2019-20. The year also witnessed 6per cent increase in capacity offered and 5per cent growth in Passenger Load Factor.
In recognition of its efforts, the Airline received the Management Excellence Award for turnaround performance in 2019 at the 12th International Civil Aviation Conference organized by ASSOCHAM. One of AIE's Corporate Social Responsibility (CSR) projects was selected for the 'Dalmia Bharat- CSRBOX 6th CSR Impact Awards 2019'.
"The credit for this significant financial achievement should go to each and every employee of AIE, who contributed through their commitment, hard work and team spirit. These results would not have been possible without the support of our esteemed customers. The guidance received from Chairman / CMD Air India, the Board Members of Air India Express and the top executives in the parent company and its subsidiaries made this success possible." added Sundar. -TNN