India’s newest airline Akasa Air, which was co-founded by late billionaire investor Rakesh Jhunjhunwala, has reported a loss (operating result) of Rs 602 crore for eight months in FY23.
In a reply to a question in Lok Sabha, the Ministry of Civil Aviation shared Akasa Air’s operating revenues and expenses for the last fiscal. Akasa Air started its operations in August 2022.
The airline earned Rs 777.8 crore, while its operational expenditure stood at Rs 1,866 crore till March 2023, the MCA data said.
The airline has said the expense was mainly due to pre-operating costs and the cost of setting up stations and new routes.
Despite facing initial financial challenges, Akasa Air recently said the airline is well capitalised with adequate funds to place a three-digit aircraft order by the end of 2023.
Currently operating with 19 aircraft, Akasa Air is preparing to introduce its 20th aircraft this month, thereby becoming eligible for international operations.
“I think we are adequately funded. We were adequately funded to order 72 aircraft. We are adequately funded to add 4 more aircraft on top of that were adequately funded to place another three-digit aircraft order between now and the end of this year," said Vinay Dube, the Chief Executive Officer of Akasa Air.
29/07/2023 Business Today
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