India Airlines is set to enter into a new multi-year partnership with Air France and Air India, with a range of new aircraft, in a move aimed at boosting both carriers’ passenger numbers and revenues.
In its latest financial results on Monday, India Airlines reported an increase in revenues of Rs 2,300 crore ($35.9 million) year-on-year, which included a Rs 2.9 crore ($4.2 million) increase in profit from Rs 1.7 crore ($3.3 million) a year earlier.
The airline, which operates in both India and international markets, reported a loss of Rs 11.5 crore ($36.9 billion) for the fiscal year ended March 31, 2017, down from a loss in the previous fiscal.
Its net income was Rs 3.2 crore ($7.2 billion), down from Rs 4.5 million ($11.1 billion) in the prior fiscal.
The company said it expected to post profit of Rs 1,500 crore ($5.3 billion) by the end of the fiscal, down 15 per cent from a year ago.
India’s aviation sector is still struggling to recover from a massive crash of an Indian Airlines flight in November 2016.
In India, the country’s biggest airline, India’s Civil Aviation Minister A.K. Antony said in a statement on Monday that the airline would “continue to make significant investments to strengthen the Indian aviation sector and achieve its long-term objectives.”
Antony said the company has taken steps to boost the capacity of its airports, airports and commercial aircrafts, and said it would continue to expand its capacity by building additional aircrafts and new aircraft types.