B747-437B
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Air India Reports INR 1.05 Billion Profit

Sat Jul 17, 2004 1:44 am

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.

[Edited 2004-07-16 20:40:52]
"The A340-300 may boast a long range, but the A340 is underpowered" -- Robert Milton, CEO - Air Canada
 
jaysit
Posts: 10186
Joined: Thu Jun 01, 2000 11:50 pm

RE: Air India Reports INR 10.5 Billion Profit

Sat Jul 17, 2004 2:59 am

Are these operating profits?

And more importantly, are the US bound flights making a profit since AI have so heavily invested in those routes?
Atheism is Myth Understood.
 
NYC777
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Joined: Wed Jun 09, 2004 3:00 am

RE: Air India Reports INR 10.5 Billion Profit

Sat Jul 17, 2004 3:06 am

Do wich they would wake up and order a few 773ER's! That would be a beautiful looking airplane!
That which does not kill me makes me stronger.
 
Thunderbird1
Posts: 223
Joined: Wed Jun 09, 2004 10:23 am

RE: Air India Reports INR 10.5 Billion Profit

Sat Jul 17, 2004 3:36 am

I think you mean that is a $240 million US profit.
 
IndianGuy
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Joined: Fri Jul 07, 2000 3:14 pm

RE: Air India Reports INR 1.05 Billion Profit

Sat Jul 17, 2004 2:01 pm

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!

-Roy
 
IndianGuy
Posts: 3126
Joined: Fri Jul 07, 2000 3:14 pm

RE: Air India Reports INR 1.05 Billion Profit

Sat Jul 17, 2004 2:10 pm

Thankfully, the Indian media has gotten wind of this. a Link to the story being pursued:

http://www.outlookindia.com/full.asp?fodname=20040719&fname=Hotel+(F)&sid=1

-Roy