Indian (Airlines) reports net profit of Rs 65.61 crores in 2004-05
The state owned domestic airline company Indian has just come out with their audited financial reports. And the company has posted a net profit of Rs 65.61 crore for 2004-05. This is an improvement on their last yearâ€™s earnings of Rs 44.17 crores. In addition, the bottom line performance of Indian for this period has been the best for the company in nearly two decades.
These figures were cleared by its board at a meeting here late last week. Other figure reveals that the companyâ€™s total revenue in the period 2004-05 stood at Rs 5,362.57 crores. This is also an improvement over their performance in the last year at around Rs 4,677.50 crores. The board of directors at the airline company had earlier estimated that the airline would register a net profit of Rs 17.5 crore in 2004-05 as against a budgeted net loss of Rs 24.75 crore.
The airline had just changed its brand name from Indian Airlines to Indian just a couple of weeks earlier. They are also trying to change their image in the market and are buying new planes and going for a totally new look. The planes are being restyled and they aim to change the dress code of their employees as well in the coming days.
Indian seems to have benefited a lot from their cost cutting measures as they saved close to Rs 76.59 crores during this period. The Indian aviation market has seen a boom lately and the state owned carrier also plans to tap the growing number of travelers. Indian is also planning to tap the capital market with an initial public offering (IPO) in early 2006. The money would be used to finance the acquisition of new aircrafts.