Air India Estimates 50 Billion Rupees Loss This Year

Mumbai:  National carrier Air India is expected to incur a net loss for the third straight year as the worldwide economic slowdown has hit demand for air travel.
The airline is estimated to post a loss of up to 50 billion rupees ($1.06 billion) in the current financial year through March 31, Jitendra Bhargava, Air India's executive director for corporate communications, told Dow Jones Newswires by phone.
Air India had posted a net loss of 50 billion rupees in the past year because of a slowdown in global air travel and a surge in jet fuel prices. In the year before that, the air line posted a net loss of 4.48 billion rupees - its first loss after five consecutive years of reporting profits.
Earlier in the day, the Mint newspaper said, citing an unnamed official at the civil aviation ministry, that Air India posted a loss of 20 billion rupees in the first half of the current fiscal year and is heading for a loss of 50 billion rupees for the full year.
06/10/09 Anirban Chowdhury/DowJones.comWall Street Journal

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Categories: NACIL Oct 2009