Mumbai: At a time when Indian carriers have been reporting losses due to rupee depreciation and high fuel prices, Air India Express, the low cost arm of Air India, has earned a profit. It’s the third consecutive year that the AIExpress has reported a profit.
“The airline has made net profit of Rs 262 crore in FY 2017-18 as per the accounts placed and approved by airline’s board of directors,” suddenly a statement issued by the airline on Friday.
The airline has been registering operating profit for the last five years, and for the first time earned a net profit in 2015-16, it added.
“The net profit earned in 2017-18 is particularly significant as the aviation sector had to face many challenges including high input costs, added to that was the sluggishness of Gulf Economies where 90% of our capacities are deployed .The unit costs have increased over the past 12 months due to steady increase in global fuel rates. The average cost of fuel in March 2018 was about 20% more compared to what it was in March 2017.Obviously, this success would not have been possible without the trust placed on us by our valued customers in choosing us over other options,” said K Shyam Sundar, CEO, Air India Express.
09/11/18 Manju V/Times of India