Indian airlines combined losses could reach $1.9 billion this year: Report

Agencies
September 4, 2018

New Delhi, Sept 4: Indian airlines are expected to post combined losses of up to $1.9 billion this financial year led by full-service carriers like Air India and Jet Airways driven by rising costs and low air fares, aviation consulting firm CAPA India said.

The loss forecast for the 12 months ending March 31 is up from an estimated $430 million to $460 million sector-wide loss in January largely due to the depreciation of the rupee and a rise in oil prices, CAPA said in a report released on Monday evening.

Ticket prices have not risen to compensate for higher costs, and CAPA said with the exception of Interglobe Aviation Ltd`s IndiGo, none of the airlines have strong enough balance sheets to comfortably withstand higher costs and lower yields.

"Most carriers are ill-equipped to withstand cyclical downturns," CAPA said in the report. "Airlines have completely lost pricing power as a result of the rapid influx of capacity."

India is the fastest-growing domestic aviation market in the world and carriers have placed orders for hundreds of new Airbus SE and Boeing Co jets.

But airlines have struggled to stay profitable despite filling nearly 90 percent of seats and seeing a more than doubling of domestic passenger numbers over the last four years.

India is one of the cheapest domestic airline markets in the world and promotions such as $50 one-way tickets on the two-hour flight from Mumbai to Delhi are easy to find.

CAPA estimated Indian airlines, including money-losing state-owned Air India Ltd, need an additional $3 billion of capital in the near term to shore up their balance sheets.

The government in June said it had failed to attract bidders for a 76 percent stake in the national carrier, which is dependent on handouts to keep operating.

Jet Airways (India) Ltd last month reported a quarterly loss of 13.23 billion rupees ($185.79 million) and said it was seeking to cut costs, inject capital and monetise its frequent flyer programme.

Budget carrier IndiGo, the country`s largest airline, in July reported its lowest quarterly profit in three years, with earnings down 97 percent due to rising fuel costs and foreign exchange losses.

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News Network
May 11,2024

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Madikeri, May 11: Kodagu police have apprehended the man allegedly responsible for the brutal murder of a minor girl within the confines of Kumbaragadige village in Karnataka's Somwarpet taluk. 

Kodagu Superintendent of Police, K Ramarajan, disclosed that the arrested individual is Prakash (32) from Hammiyala village in Somwarpet taluk. However, authorities are still in the process of recovering the severed head of the victim. The perpetrator had absconded with the victim's severed head after committing the crime. 

Search operations for the suspect commenced late on Thursday night (May 9), with officials diligently pursuing leads. Acting on information suggesting the suspect's presence in a forested area near the village, the police swiftly moved in and apprehended him.

The victim US Meena, 15, a student of Surlabbi High School, had passed the SSLC examinations, the results of which were announced on May. One same day, she was murdered. 

Reportedly, the engagement of the minor girl with the suspect was thwarted by officials from the Women and Child Development department. Subsequently, officials persuaded the girl's parents against proceeding with the marriage. 

However, despite these interventions, the suspect forcibly entered her residence during the night, purportedly abducted her, and later perpetrated the heinous crime in a wooded area on the outskirts of the forest, before absconding with her severed head.

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News Network
May 6,2024

Bengaluru, May 6: Arrested JD-S MLA H.D. Revanna, the son of former PM H.D. Deve Gowda, on Sunday said that there is no evidence against him in the sex video scandal kidnapping case and that it was a "conspiracy" against him.

Talking to the media, while being taken for a medical test before being produced in front of a court here, Revanna stated that a kidnapping case had been lodged against him though he does not have 'one black mark' against him in his entire career of 40 years.

"Without evidence, I have been targeted... All allegations against me are false. My arrest has been made out of ill intention," he claimed.

"The case was lodged on April 28, then, they did not have any evidence. Later, the fake evidence was created on May 2 and I was fixed," he alleged.

Home Minister Dr G. Parameshwara stated on Sunday that a Blue Corner notice has already been issued against Revanna's son and MP Prajwal Revanna, the prime accused in the sex video scandal, as he is believed to be abroad.

"The Interpol will communicate to all nations and he will be located. Once he is located, the SIT will take a call on how he should be secured and brought back to India," he added.

Revanna was arrested on Saturday on charges of kidnapping one of the victims of the sex video scandal.

Parameshwara further maintained that the arrest of Revanna has saddened JD-S leaders and if action was not taken, the SIT would be blamed too.

Meanwhile, Congress President Mallikarjun Kharge refused to comment on the alleged sex video scandal involving Prajwal Revanna.

About Revanna's arrest, he said that the SIT would initiate action as per the law. "Those indulging in such acts must be taught a lesson and justice should be given to the families of victims. No one can escape the law. No one should use this case politically," he stated.

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News Network
May 19,2024

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A helicopter carrying Iranian President Ebrahim Raisi suffered a “hard landing” on May 19, Iranian state media reported, without immediately elaborating.

Mr. Raisi was traveling in Iran’s East Azerbaijan province. State TV said the incident happened near Jolfa, a city on the border with the nation of Azerbaijan, some 600 kilometers (375 miles) northwest of the Iranian capital, Tehran.

Traveling with Raisi were Iran’s Foreign Minister Hossein Amirabdollahian, the governor of Iran’s East Azerbaijan province and other officials, the state-run IRNA news agency reported. One local government official used the word “crash” to describe the incident, but he acknowledged to an Iranian newspaper that he had yet to reach the site himself.

Neither IRNA nor state TV offered any information on Mr. Raisi’s condition.

Rescuers were attempting to reach the site, state TV said, but had been hampered by poor weather conditions. There had been heavy rain and fog reported with some wind. IRNA called the area a “forest.”

Mr. Raisi had been in Azerbaijan early Sunday to inaugurate a dam with Azerbaijan’s President Ilham Aliyev. The dam is the third one that the two nations built on the Aras River. The visit came despite chilly relations between the two nations, including over a gun attack on Azerbaijan’s Embassy in Tehran in 2023, and Azerbaijan’s diplomatic relations with Israel, which Iran’s Shiite theocracy views as its main enemy in the region.

Iran flies a variety of helicopters in the country, but international sanctions make it difficult to obtain parts for them. Its military air fleet also largely dates back to before the 1979 Islamic Revolution.

Mr. Raisi, 63, is a revolutionary who formerly led the country’s judiciary. He is viewed as a protégé of Iran’s Supreme Leader Ayatollah Ali Khamenei and some analysts have suggested he could replace the 85-year-old leader after his death or resignation from the role.

Mr. Raisi won Iran’s 2021 presidential election, a vote that saw the lowest turnout in the Islamic Republic’s history. Raisi is sanctioned by the U.S. in part over his involvement in the mass execution of thousands of political prisoners in 1988 at the end of the bloody Iran-Iraq war.

Under Mr. Raisi, Iran now enriches uranium at nearly weapons-grade levels and hampers international inspections. Iran has armed Russia in its war on Ukraine, as well as launched a massive drone-and-missile attack on Israel amid its war against Hamas in the Gaza Strip. It also has continued arming proxy groups in the Mideast, like Yemen’s Houthi rebels and Lebanon’s Hezbollah.

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