The airline lost money for the first time in nearly 7 years!
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Civil Aviation Resource Network September 23, 2022: According to Simpleflying, low-cost carrier Air India Express has managed to control costs and maintain a sound financial position by efficiently operating profitable routes for many years. However, the COVID-19 outbreak put an end to this earnings momentum.
Air India Express recently filed a financial report that showed the company suffered its first loss in seven years. Air India Express posted a net loss of about $8.9 million in FY22, compared to a net profit of about $12 million last year.
The airline said the repetition and uncertainty of the new crown epidemic has hindered the recovery of the aviation industry, and India, like the rest of the world, has also set strict passenger border restrictions during the outbreak of the new crown epidemic. At present, domestic flights are gradually resuming, but international flights have been limited.
Air India Express mainly provides international services, including destinations such as Dubai, Muscat, Doha, Bahrain, Singapore and Kuala Lumpur. Air India Express plans to add more international destinations in the future and is exploring international routes such as Cambodia, China, Indonesia, Philippines, Turkey and Vietnam.
Air India Express is expected to quickly return to profitability as the travel industry recovers strongly.