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Alliance Air makes first operating profit in 2020; net loss at Rs 201 crore

National carrier Air India's wholly-owned subsidiary Alliance Air on Thursday reported an operating profit of Rs 65.09 crore in FY20.

Topics
Air India | airline industry

IANS  |  New Delhi 

Alliance Air, ATR, regional air connectivity
This is the first time the airline has earned operating profit since its inception in 1996. Photo: Twitter

National carrier Air India's wholly-owned subsidiary Alliance Air on Thursday reported an operating profit of Rs 65.09 crore in FY20.

This is the first time the airline has earned operating profit since its inception in 1996.

In financial parlance, operating profit constitutes total income earned from operations before taxes and interest liabilities.

In contrast, the airline reported a net loss of Rs 201 crore.

"The net profit of Alliance Air would have touched INR 37 crore but for the adoption of the new accounting standard IND AS 116, which resulted in a net loss of INR 201 crore," it said in a statement.

The airline reported an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs 482 crore, in a total revenue of Rs 1,181.15 crore.

In the last fiscal, the number of destinations operated by the airline went up to 61 from 55.

The airline has a fleet of 18 ATR-72-600 aircraft with an average age of less than four years.

Post lockdown, it has already commenced air services to 43 destinations with 77 flight departures per day.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, October 22 2020. 17:11 IST
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