Air India Express April-September profit jumps 283% YoY amid stake sale process1 min read . Updated: 13 Feb 2020, 02:35 PM IST
- Revenues rose 75% year-on-year to Rs.3124.34 crore
- The airline currently operates 25 Boeing 737-800 NG aircraft
Mumbai: Air India Express, the low-cost subsidiary of national carrier Air India Ltd, on Thursday reported a net profit of ₹679.80 crore during April-September against ₹177.30 crore reported a year ago.
The Kochi-headquartered airline's revenue rose 75% year-on-year to Rs.3124.34 crore, the company said in a statement.
“In this financial year, we will exceed the figure of Rs. 5000 Crore in operating revenues, and this will be for the first time, since the Airline’s inception," K. Shyam Sundar, CEO, Air India Express said in the statement.
Air India Express reported a revenue of Rs.4171.5 crore and a net profit of ₹168.5 crore during 2018-19.
The airline said it will introduce non-stop flights on Tiruchirappalli–AbuDhabi and Tiruchirappalli–Doha sectors in its 2020 summer schedule, commencing on 28 March.
"The Tiruchirappalli – Abu Dhabi service will operate four times a week and the Tiruchirappalli- Doha flights will be thrice weekly," it said.
Air India Express currently operates a fleet of 25 Boeing 737-800 NG aircraft, and has about 665 departures per week to destinations in West Asia and South East Asia.
The government, which plans to divest its entire stake in Air India and Air India Express, has begun the process for stake sale.
According to government officials, potential investors can send in queries on the sale process during 28 January-11 February. The government has given interested bidders time till 17 March to submit expressions of interest.