The Hindu Business Line : IA back in black after 3 years

At a press conference shortly after the annual results were cleared by the IA board, the IA Chairman and Managing Director, Mr Sunil Arora, said it was after three years of continuous losses that the State-owned carrier was reporting a profit.

IA earned an operating profit of Rs 125.10 crore during 2003-04 compared with an operating loss of Rs 134.72 crore during the previous year. There was a 13.37 per cent increase in operating revenue at Rs 4,649.80 crore (Rs 4,101.50 crore).

The Chairman said IA achieved the turnaround mainly because of strict cost-control measures, improved physical performance and increased aircraft utilisation, among others.

"The estimated saving from the various cost control and economy measures amounted to Rs 190 crore during the year on account of reduction in staff and voluntary retirement scheme, fuel tankering, streamlining of stores and inventory management, among others," Mr Arora said.

Officials pointed to the fact that the improved financial performance was achieved despite the increase in average domestic prices of aviation turbine fuel.

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