Net profits of Air India Express fell 35% year-on-year to Rs 169 crore in 2018-19 due to high fuel costs, the airline said on Tuesday.
AI Express, a subsidiary of national carrier Air India, had reported Rs 261 crore profit in FY18. The low-cost carrier’s total revenues grew 16% y-o-y to Rs 4,202 crore as it carried 12% more passengers on its flights. Around 4.36 million passengers flew on AI Express’ flights in FY19 as compared to Rs 3.89 million in 2017-18.
This is the fourth-successive year during which AIEL has reported net profits. AI Express’ profits in FY16 and FY17 stood at Rs 362 crore and Rs 297 crore, respectively.
