Public sector carrier Indian Airlines has posted a net profit of Rs 5.95 crore (Rs 59.5 million) in the first quarter this fiscal against the budget estimate of a net loss of over Rs 19 crore (Rs 190 million).
The airline had reported a net loss of Rs 44.65 crore (Rs 446.5 million) in the corresponding period last year, according to the latest official figures.
The airline showed significant improvement in its overall financial performance, recording a 90 per cent increase in net profit in Q1, a hike of about 133 per cent in operating profits and over 6.6 per cent rise in total revenue.
In April-July this year, the airline carried about 2.35 million passengers as against a budgeted 2.1 million, an increase of about 13.4 per cent over the same period last year.
The target for 2004-05 fiscal is to carry over 6.5 million passengers.
IA network showed an increase of about 4,500 passengers per day during the review period over the same period last year.
As per the latest figures, the airline carried a record 2063 passengers on the most competitive Delhi-Mumbai sector on September 8 as against an average of 1600 per day.
The hike in the passenger carriage assumes significance in the backdrop of the entry of low-cost carriers like Air Deccan.