Air India Express reports Rs415 crore profit for April-September period
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New Delhi: Air India Express, the international budget airline arm of Air India Ltd, has recorded a net profit of Rs415 crore for six months ending September. Air India Express directors approved the results at a board meeting on 29 November, the Kochi-based airline said in a statement. The airline did not release corresponding figures a year ago.
Air India Express clocked revenues of Rs1,897 crore in the same period.
The airline carried 1.64 million passengers and increased capacity by 21% by adding four Boeing 737-800 NG aircraft to its fleet on dry lease. These planes were used to start New Delhi-Dubai, New Delhi-Abu Dhabi, Mumbai-Dubai, Mumbai-Sharjah, Chandigarh-Sharjah, Tiruchirappalli-Sharjah and Kochi-Dammam flights.
The airline will also induct two more Boeing 737-800 NG aircraft in the third quarter taking the airline’s fleet size up from the current 23.
“With the enhanced fleet size, the airline plans strengthening of its presence in the North Indian markets and additional flight operations from its core markets in South India,” the airline said, adding its network now covers 15 Indian and 15 international cities.
The airline that mostly connected South India to Middle East has been expanding its footprint across India. It has said in summer, it will launch flights to Iran from New Delhi.
Most airlines have recorded profits this year on the back of fuel prices which are at a record low.
Budget airline SpiceJet Ltd said its profit doubled to Rs58.9 crore in the quarter ending September from Rs29 crore in the year earlier. Budget airline IndiGo reported a net profit of Rs139.84 crore for the quarter ended September 2016 on a revenue of Rs4,327.69 crore from a profit of Rs113.13 crore during the same time last year.
Jet Airways Ltd reported a net profit of Rs108.11 crore for the quarter ended 30 September on a revenue of Rs4,920.55 crore.