New Delhi: In the last few months, almost every airline in the country is facing some sort of crisis. After having a wonderful sail for two-three years, the aviation industry was hit severely last year when international crude prices went up and the value of domestic currency depreciated against the US dollar.
Excessive parking and landing charges, loads of debt and fare wars have also hit the performance of airlines.
The impact of the two macro factors was so big on the sector that every player witnessed their profits plummeting and losses mounting.
The first airline to fall on bad times was the Naresh Goyal-promoted Jet Airways.
While there was the talk of many players being interested in buying a stake in the airline as its debt continued to pile up with the airline having no money for day-to-day operations, the major blow came when in early January it announced that it was defaulting on loan repayment.
24/03/19 New Indian Express
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Excessive parking and landing charges, loads of debt and fare wars have also hit the performance of airlines.
The impact of the two macro factors was so big on the sector that every player witnessed their profits plummeting and losses mounting.
The first airline to fall on bad times was the Naresh Goyal-promoted Jet Airways.
While there was the talk of many players being interested in buying a stake in the airline as its debt continued to pile up with the airline having no money for day-to-day operations, the major blow came when in early January it announced that it was defaulting on loan repayment.
24/03/19 New Indian Express
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