After a gap of four years, Indian Airlines has made a turnaround, posting a net post-tax profit of Rs 44.17 crore (Rs 441.7 million) in 2003-04 as against the net loss of Rs 196.6 crore (Rs 1.966 billion) the previous year.
The IA board, which met in New Delhi on Friday, approved the annual accounts of the public sector carrier, which also made an operating profit of Rs 125.1 crore (Rs 1.251 billion) compared with an operating loss of Rs 134.72 crore (Rs 1.347 billion) in 2002-03, IA CMD Sunil Arora told reporters.
IA increased its operating revenue by over 13 per cent, which rose from Rs 4,101.5 crore (Rs 41.015 billion) in 2002-03 to Rs 4649.8 crore (Rs 46.498 billion) last fiscal, he said.