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Alliance Air (AA), a wholly-owned subsidiary of Air India, has reported a net loss of Rs 201 crore during 2019-2020, largely on account of the adoption of new accounting standards IND AS 116. If the new standards had not been adopted, the airline would have reported a profit of Rs 37 crore, the airline said in a statement issued late on Thursday.
AA reported an operating profit of Rs 65.09 crore for the fiscal year 2019-2020, the airline said in a statement.
This is the first time since its inception in April 1996 that the airline has reported an operating profit. The statement adds that the airline reported an earnings before interest, taxes, depreciation, and amortisation or EBITDA of Rs 482 crore from a total revenue of Rs 1,181.15 crore.
“We operated 30,649 flights to 61 destinations and 735 weekly flights in 2019-20, with higher utilisation of aircraft and with one of the lowest aircraft to manpower ratios of 1:45 in the world,” said C.S. Subbiah, Chief Executive Officer.
The airline has a fleet of 18 ATR-72-600 aircraft with an average age of less than four years. The airline usually connects smaller cities. It recently launched international operations connecting Chennai to Jaffna.
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