Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Govt dismisses CAG report, says Air India profitable
  • Business

    Govt dismisses CAG report, says Air India profitable

    Written by
    Ramya Patelkhana
    Edited by
    Jayasri Viswanathan
    Last updated on Mar 18, 2017, 01:31 pm
    Govt dismisses CAG report, says Air India profitable
  • Dismissing a CAG report that highlighted operational losses in Air India, the government said AI's original profit figures were correct based on GAAP (Generally accepted accounting principles.)

    The CAG had pointed out that Air India "actually incurred" an operating loss of Rs. 321.4 crore, despite reporting a Rs.105 crore profit.

    However, Union Minister Jayant Sinha accepted that the CAG's depreciation charge argument was valid.

  • In this article
    About Air India Air India trims losses; makes profit in ten years Air India's average load factor No operating losses for Air India this year, says minister Financial situation of Air India Air India's on-time performance improved Majority stakes in AirIndia may be sold to investor Govt dismisses CAG report, says Air India profitable
  • Introduction

    About Air India

    About Air India
    Credits:
  • Air India, owned by Air India Limited, is a state-run aviation enterprise in India.

    It was founded by JRD Tata in 1932 under the name 'Tata Airlines'; it became a public limited company in 1946 as 'Air India'.

    Its headquarters are located in Delhi; it flies to a total of 84 destinations.

    Ashwani Lohani became the Chairman and MD of Air India in 2015.

  • Loss v Profit

    Air India trims losses; makes profit in ten years

    Air India trims losses; makes profit in ten years
  • In Jul'15, Air India trimmed its losses by a fourth as compared to the last fiscal year; it cut down on losses from Rs.7559.74 crore to Rs.5,547.74 crore.

    In May'16, Civil Aviation Minister Ashok Gajapathi Raju said Air India's performance improved; it made a profit for the first time in 10 years.

    He said the state-run airline would continue making profits this year.

  • Data

    Air India's average load factor

  • The average load factor of Air India is 74% across its domestic network. Air India manages to sell eight seats out of 10 according to a DGCA report; on the key trunk routes, the average load factor is around 80%.

  • 10 Aug 2016

    No operating losses for Air India this year, says minister

    No operating losses for Air India this year, says minister
    Credits:
  • Civil Aviation Minister Ashok Gajapathi Raju said the state-run Air India had made no operating loss this year despite its precarious financial condition.

    Responding during the Rajya Sabha's Question Hour, Raju pointed out the government was trying to support the airline.

    It is for the first time that the airline, after its Indian Airlines merger, did not make an operating loss in several years.

  • Financial Condition

    Financial situation of Air India

    Financial situation of Air India
  • Questions were raised by the members of the House on the financial situation of state-run Air India.

    Raju observed that the airline, despite the enormous debt that accumulated historically to it, was "trying to stay afloat."

    He added Air India's financial condition was "fairly precarious" but it was doing its best not to capsize and perform well; the government wants the airline to survive.

  • Government's Support

    Air India's on-time performance improved

    Air India's on-time performance improved
    Credits:
  • Raju stated the government was doing its best to help Air India survive; the airline's on-time performance improved from 74% in 2015 to 78% in 2016.

    About 265 pilots and 902 airline cabin crew members were recruited over the last year to improve on-time performance and address shortages.

    The Centre allowed Air India to borrow $300 million through External Commercial Borrowings to perform better.

  • 28 Feb 2017

    Majority stakes in AirIndia may be sold to investor

    Majority stakes in AirIndia may be sold to investor
  • The government is planning to sell 51% stakes in national carrier Air India to a strategic partner to turn around the loss-making airline.

    Air India is burdened with about $7 billion in debt and hasn't made profits since 2007. The government has pumped as much as $3.6 billion of taxpayers money into it in the past six years as part of a bailout plan.

  • 17 Mar 2017

    Govt dismisses CAG report, says Air India profitable

    Govt dismisses CAG report, says Air India profitable
  • Dismissing a CAG report that highlighted operational losses in Air India, the government said AI's original profit figures were correct based on GAAP (Generally accepted accounting principles.)

    The CAG had pointed out that Air India "actually incurred" an operating loss of Rs. 321.4 crore, despite reporting a Rs.105 crore profit.

    However, Union Minister Jayant Sinha accepted that the CAG's depreciation charge argument was valid.

  • India
  • Jayant Sinha
  • Air India
  • Indian Airlines
  • Ashwani Lohani
  •  
Latest News
  • 'Spider-Man 3' stars post first look images, confuse fans royally
    'Spider-Man 3' stars post first look images, confuse fans royally
    Entertainment
  • Delhi: Negative COVID-19 report mandatory for travelers from 5 states
    Delhi: Negative COVID-19 report mandatory for travelers from 5 states
    India
  • Puducherry: President's rule likely as BJP, allies won't stake claim
    Puducherry: President's rule likely as BJP, allies won't stake claim
    Politics
  • Robert Lewandowski becomes third-highest scorer in Champions League
    Robert Lewandowski becomes third-highest scorer in Champions League
    Sports
  • Tiger Woods injured in serious car accident, undergoes surgery
    Tiger Woods injured in serious car accident, undergoes surgery
    World
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News Facebook YouTube Hollywood News WhatsApp Netflix Bollywood News ISRO Spotify Yoga
Honda Batman Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota
Fashion Tips Ishant Sharma Farmers Protest Mercedes Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Robert Lewandowski
Marvel Comics Avengers Neha Kakkar Mena Massoud
About Us Privacy Policy Terms & Conditions Contact Us News News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021