As per the provisional figures released by the government, Air India is likely to report a loss of Rs 7,635 crore during 2018-19. Factors such as higher exchange rate, rising crude prices and higher interest burden are considered to be affecting the airline. Air India had total debt of ?58,352 crore at the end of March 2019.
Civil aviation minister Harshdeep Singh Puri, who informed Rajya Sabha about the financial performance of Air India, said the final accounts for FY19 are currently under preparation.
In the fiscal year 2018, the loss was a 17 per cent decline from the previous year though it exceeded the civil aviation ministry’s provisional estimate of a loss of about ?3,579 crore.
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Of the total debt, ?29,464 crore has been approved by the government to be transferred to a Special purpose vehicle (SPV), Air India Assets Holding Ltd. (AIAHL).