The Chief Executive Officer (CEO) of InterGlobe Aviation, operator of India's biggest airline, IndiGo, Pieter Elbers, has dismissed reports of the company buying a stake in crisis-hit GoFirst. In an interview with CNBC-TV18, he said that he is not responding to any rumours, and that IndiGo is focused on self-development only.
Elbers, however, mentioned during the company’s quarterly earnings call that it is in touch with airports to temporarily give them GoFirst slots.
IndiGo reported its June quarter earnings on Wednesday where the low-cost carrier posted a consolidated net profit of Rs 3,091 crore. During the same period a year ago, the company had posted a loss of Rs 1,064 crores. IndiGo’s revenue from operations jumped 30 per cent year on year (YOY) to Rs 16,683 crore during the reporting quarter.
It all came into the public domain when Go First, owned by Wadia group, said it is cancelling all its flights for two days on May 3, and May 4 in view of fund shortage.
“Go First is facing a financial crunch due to non-supply of engines by US-based jet engines manufacturer Pratt and Whitney (P&W) that has forced grounding more than 50 planes,” Go First official was quoted as saying by news agency ANI.
The company is currently undergoing insolvency proceedings where the National Company Law Tribunal will resume hearings on August 7. Go First flights issued a statement on Thursday saying that its flight cancellation has been extended till August 6 due to “operational reasons”.
03/08/2023 Republic World
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