New Delhi: In a big boost to Air India's target to become profitable by 2018-19, its ground handling subsidiary Air India Air Transport Services Ltd has reported profits for the first year of its operation as a separate company.
Air India Air Transport Services (AIATSL), which started operations as a separate company on April 1, 2014, has reported profits of Rs 103 crore for 2014-15 — three years before its profit target year of 2017-18. "We have registered profits during the first financial year of our operations as an independent company and would report better profits during the current fiscal too," AIATSL CEO Captain Ashvini Sharma told ET.
AIATSL and Air India Engineering Services Ltd were carved out as subsidiaries of the airline as part of its turnaround and financial restructuring plans approved by the government in 2012. The Centre had also cleared infusion of Rs 30,231 crore into Air India till 2021-22. The creation of subsidiaries were made operational in April 2014. The engineering subsidiary, however, is still reeling under losses.
08/02/16 Mihir Mishra/Economic Times
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Air India Air Transport Services (AIATSL), which started operations as a separate company on April 1, 2014, has reported profits of Rs 103 crore for 2014-15 — three years before its profit target year of 2017-18. "We have registered profits during the first financial year of our operations as an independent company and would report better profits during the current fiscal too," AIATSL CEO Captain Ashvini Sharma told ET.
AIATSL and Air India Engineering Services Ltd were carved out as subsidiaries of the airline as part of its turnaround and financial restructuring plans approved by the government in 2012. The Centre had also cleared infusion of Rs 30,231 crore into Air India till 2021-22. The creation of subsidiaries were made operational in April 2014. The engineering subsidiary, however, is still reeling under losses.
08/02/16 Mihir Mishra/Economic Times
