New Delhi: Air India Ltd’s operational profit rose to Rs215 crore and net loss narrowed to Rs3,643 crore in 2016-17, the government said on Thursday.
According to provisional figures put forth by MoS (civil aviation) Jayant Sinha in the Lok Sabha on Thursday, Air India in 2016-17, the airline had net loss of Rs3,643 crore even as operating profit rose to Rs215 crore. Air India had incurred a net loss of Rs3,836.77 crore in 2015-16 while operational profit that year stood at Rs105 crore.
“As per the provisional figures for financial year 2016- 17, the total loans of the company as on March 31, 2017 are around Rs48,877 crore," Sinha said in a written reply to the Parliament.
To a question on whether the government has consulted all stakeholders, including workers’ unions before Air India privatisation, Sinha replied in the negative. On 28 June, the cabinet committee on economic affairs (CCEA) gave its in-principle approval for strategic disinvestment of Air India and its five subsidiaries.
An Air India Specific Alternative Mechanism, headed by finance minister Arun Jaitley, is working on the modalities of the disinvestment. The on-time performance (OTP) of Air India flights is monitored at the highest level by the top management of the airline as well as the civil aviation ministry, Sinha said in another written reply. Various measures, including initiatives to increase the availability of resources in terms of crew and aircraft, are being taken to improve the OTP, he added.