Monday, August 11, 2014

GoAir flies into black, plans foreign operations and FDI

New Delhi: IndiGo, for long India's only profitable airline, now has company. The Wadia Group-owned GoAir has flown into the black and is now firming up the launch of its international operations next May, apart from getting a foreign airline as FDI partner on board shortly.

Speaking on the financials of the unlisted low-cost carrier (LCC) for possibly the first time, GoAir CEO Giorgio De Roni told TOI that the airline had made a profit of Rs 100 crore in FY 2012-13. "The subsequent financial year 2013-14 was also profitable - all purely from operational side and nothing else (hinting that there was no sale and lease back earning) - but the figure was lower due to the fall of the rupee and the sharp rise in aviation turbine or jet fuel (ATF) price. India has the highest domestic ATF price globally. The first quarter of this fiscal was profitable and FY 2014-15 is set to be profitable," De Roni, the man behind the LCC's quiet turnaround, said.
11/08/14 Saurabh Sinha/Times of India
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