B747-437B From , joined Dec 1969, posts, RR: Posted (9 years 9 months 6 days 22 hours ago) and read 2618 times:
Air India will announce provisional results for FY2003-4 showing profits of INR 1.05 billion (USD 24 million).
The results were announced in a statement to Parliament on Friday by Minister of State for Civil Aviation Praful Patel.
The earnings this year show a drop of INR 0.28 billion (USD 6 million) from last years profits of INR 1.33 billion (USD 30 million). The drop has been attributed to flight reductions due to SARS, a strike by pilots, increased insurance risk for Middle East operations and higher prices for aviation fuel.
Indianguy From , joined Dec 1969, posts, RR:
Reply 4, posted (9 years 9 months 6 days 10 hours ago) and read 2414 times:
Take these figures with a bucketful of salt.
For one what percentage of the revenue was from the leasing out of bilaterals? And the revenue figures also include receipts from the sale of some AI properties (sold at a ridiculous price to an ex-AI board members company called Tulip Hospitality Services, so typical of AI!!). Those sales are under investigation now which should bring down the margin further. Arent there problems with the payment of excise on fuel or some such? AI hasnt paid some due taxes pending court cases/ministry orders.
So expect the figures to go down. So despite all the wizardry of its accountants, the figure is much lower than what is being touted!