Air India Express has reported its highest ever net profit of Rs. 412.77 crore in the financial year 2019-20 as per the audited accounts approved by the Airline’s Board of Directors on October 27, 2020.
The Airline which started its commercial operations in April 2005, has been reporting net profit continuously for the last five years. The net profit earned by the Airline in 2018 -19 was Rs. 169 Crore.
“Efficient utilization of assets in terms of aircraft, manpower and materials and enhanced operational efficiency in key areas have significantly contributed to the the record profits”, K. Shyam Sundar, CEO, Air India Express said.
Despite the adverse market conditions due to onset of Covid 19 during the last quarter of the fiscal, the Airline’s operating revenues grew by over 25 percent from Rs. 4172 Crore in FY 2018- 19 to Rs. 5219 Crore in FY 2019 -20.
“The credit for this significant financial achievement should go to each and every employee of Air India Express, who contributed through their commitment, hard work and team spirit. Obviously, these results would not have been possible without the support of our esteemed customers. The guidance received from Chairman / CMD Air India, the Board Members of Air India Express and the top executives in the parent company and its subsidiaries made this success possible,” Mr. Shyam Sundar added.
The increase in number of passengers flown by Air India Express in this period is testimony to the fact that the Airline remains the most preferred brand in its core markets. The number of passengers flown by Air India Express increased by 11 percent to reach 4.84 million from 4.36 million in 2018-19. About 4.66 million of them traveled on the international sectors, taking the Airline’s share of traffic to / from India from 6.5 percent in FY 2018-19 to 7.1 percent.
The year also witnessed 6 percent increase in capacity offered and 5 percent growth in Passenger Load Factor.
In recognition of its efforts, the Airline received the Management Excellence Award for turn around performance in 2019 at the 12th International Civil Aviation Conference organized by ASSOCHAM.
Along with the high voltage financial performance, Air India Express also shared its progress with the society through Corporate Social Responsibility projects, one of which was selected for the “Dalmia Bharat- CSRBOX 6th CSR Impact Awards’ 2019 “.