Losses mount for Tata group aviation firms
The losses of Tata Group’s aviation firms increased in the financial year 2019, with AirAsia India’s net loss widening four times and that of Tata SIA (operating as Vistara) nearly doubling from the year-ago period.
AirAsia India, in which Tata Sons holds a 51 per cent stake, posted a net loss of ₹670.93 crore for the fiscal ended March 31, , compared with ₹124.11 crore recorded during the year-ago period.
The company’s total income rose 39.57 per cent to ₹2,539.06 crore from ₹1,819.15 crore during the previous financial year, according to data filed with the Registrar of Companies (RoC).
The low-cost carrier’s employee benefit expenses rose by ₹82.84 crore while operating expenses rose by ₹1,126 crore. The firm’s book also showed borrowings of ₹100 crore in FY19, while total liabilities rose 84 per cent to ₹703 crore.
