Friday, December 06, 2019

Air India posts highest net loss of Rs 8,556 crore in FY19

The national carrier has posted a record net loss of Rs 8,556.35 crore in 2018-19 (April-March) as per provisional figures, government data showed. This is the largest net loss posted by the carrier since the merger of Indian Airlines and Air India.

The information was provided by the minister of state (Independent Charge) in the civil aviation ministry Hardeep Singh Puri in a written reply to Lok Sabha on Thursday.
The airline had posted a net loss after tax of Rs 5,348.18 crore in FY18, Rs 6452.89 crore in FY17, Rs 3836.78 crore in FY16, Rs 5859.91 crore in FY15, Rs 6279.60 crore in FY14, Rs 5490.16 crore in FY13, Rs 7559.74 crore in FY12, Rs 6865.17 crore in FY11, Rs 5552.44 crore in FY10, Rs 5548.26 crore in FY09 and Rs 2226.16 crore in FY08.

In view of the strained balance sheet of the carrier, the government had approved a Rs 30,000-crore turnaround plan in 2012 for the revival of the carrier. Today, the minister told the Lower House that the airline has received an equity infusion of Rs 30,520.21 crore till date from 2011-12 which includes financial support and cash support.
"A total debt amounting to Rs 29,464 crore to be transferred from Air India Ltd to the SPV viz Air India Assets Holding Co Ltd. A cash support of Rs 3,975 crore to Air India, inclusive of Rs 1,630 crore already infused in AI in FY 2018- 19. Provide a government guarantee of Rs 7,600 crore, inclusive of Rs 3,000 crore already provided to Air India in FY 2018-19, to raise new debt for payment of stretched liabilities," Puri said.
06/12/19 CNBC TV18
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