Mumbai: Wadia group-owned GoAir made a profit of Rs 104.34 crore in FY13 compared with the Rs 133.72-crore loss in the previous year. The profit was, however, on the back of changes in accounting policies with respect to aircraft lease rentals.
But for these changes, the airline would have made an annual loss of Rs 79.28 crore, the company’s auditor observed in its report. The auditor's report is included in the balance sheet filed with the corporate affairs ministry. GoAir, the smallest domestic airline with a market share of 8.7 per cent, is the second domestic airline after IndiGo to post profits for the last financial year. GoAir is unlisted and, hence, does not disclose quarterly numbers. The airline has a fleet of 18 Airbus A320s operating within India.
In FY13, GoAir’s operating revenue increased 43.4 per cent to Rs 2,095 crore and its total revenue was Rs 2,132.94 crore. Total expenses rose nearly 30 per cent to Rs 2,146 crore, the airline said in its profit and loss statement filed with the corporate affairs ministry. Fuel accounted for nearly half the expenses and the fuel bill rose 31 per cent.
11/11/13 Aneesh Phadnis/Business Standard
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But for these changes, the airline would have made an annual loss of Rs 79.28 crore, the company’s auditor observed in its report. The auditor's report is included in the balance sheet filed with the corporate affairs ministry. GoAir, the smallest domestic airline with a market share of 8.7 per cent, is the second domestic airline after IndiGo to post profits for the last financial year. GoAir is unlisted and, hence, does not disclose quarterly numbers. The airline has a fleet of 18 Airbus A320s operating within India.
In FY13, GoAir’s operating revenue increased 43.4 per cent to Rs 2,095 crore and its total revenue was Rs 2,132.94 crore. Total expenses rose nearly 30 per cent to Rs 2,146 crore, the airline said in its profit and loss statement filed with the corporate affairs ministry. Fuel accounted for nearly half the expenses and the fuel bill rose 31 per cent.
11/11/13 Aneesh Phadnis/Business Standard
