ATW Daily News

Air India's full-year loss doubles

Thursday November 12, 2009

Air India lost INR55.48 billion ($1.19 billion) in the fiscal year ended March 31, more than double the INR22.26 billion deficit suffered in the prior year, the carrier announced yesterday.

Revenue dropped 11.6% to INR134.79 billion owing to "global recession, fall in load factors and passenger yields," AI said. Passenger numbers declined 21.6% to 10.4 million and load factor dropped 4.3 points to 59.5%. The airline is seeking some INR50 billion in cash and loans from the government (ATWOnline, Sept. 1).

Finance Minister Pranab Mukherjee was scheduled to lead a meeting of ministers today to discuss the government's role. "Cost-cutting measures and a pickup in demand in domestic and international traffic are likely to result in improvement in the operating performance for the year 2009-10," AI said.

by ATWOnline Staff

Other headlines: