Coronavirus Outbreak: Domestic aviation industry to crash-land this fiscal with Rs 24,000-25,000 cr revenue loss, says CRISIL
4 years, 8 months ago

Coronavirus Outbreak: Domestic aviation industry to crash-land this fiscal with Rs 24,000-25,000 cr revenue loss, says CRISIL

Firstpost  

The domestic aviation industry, which has been severely hit by the coronavirus outbreak and the subsequent lockdown, is expected to crash-land this fiscal with a massive revenue loss of Rs 24,000-25,000 crore, a Crisil report said on Thursday Mumbai: The domestic aviation industry, which has been severely hit by the coronavirus outbreak and the subsequent lockdown, is expected to crash-land this fiscal with a massive revenue loss of Rs 24,000-25,000 crore, a CRISIL report said on Thursday. CRISIL estimates indicate that the Indian aviation industry will “crash-land this fiscal”, witnessing a revenue losses worth Rs 24,000-25,000 crore. Projecting higher losses for the industry, if travel restrictions last longer in hubs such as Mumbai, Delhi, Chennai and Kolkata, CRISIL said it expects the aviation sector to take at least 6-8 quarters to reach pre-pandemic levels. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter,” Padmanabhan said, adding that as and when operations resume, overall operational capacity will hover at 50-60 percent for the rest of the fiscal.

Loss Industry Crore Crisil Coronavirus Outbreak Domestic Aviation Industry  losses  domestic  outbreak  rs  fiscal  cr  lockdown  industry  crore  hit  crashland  crisil  aviation  loss  revenue

History of this topic

Explained | The troubles of India’s aviation industry
1 year, 7 months ago

Explained | The troubles of India’s aviation industry

The Hindu  

The story so far: After low-cost carrier GoFirst’s insolvency filing last week, the aviation safety regulator Directorate General of Civil Aviation on Monday, May 8, directed the airline to stop selling air tickets immediately. While the Indian aviation sector initially saw a boom in the 1990s after opening up as a result of liberalisation reforms and the breaking of the …

Civil aviation sector witnessing strong V-shaped recovery; domestic passenger growth will continue: Scindia
2 years ago

Civil aviation sector witnessing strong V-shaped recovery; domestic passenger growth will continue: Scindia

The Hindu  

India’s civil aviation sector is witnessing a very strong V-shaped recovery with encouraging domestic passenger numbers, and the growth will continue in the coming years, Union Minister Jyotiraditya Scindia said on Wednesday. In an interview with PTI, Mr. Scindia said the domestic passenger numbers are very encouraging and already, the number is around 111 million till November this year. When …

Air India to restore staff salaries to pre-Covid level
2 years, 4 months ago

Air India to restore staff salaries to pre-Covid level

India TV News  

Air India will restore salaries that were cut in the wake of the coronavirus pandemic from September 1, according to a communication. The loss-making airline, which was taken over by Tatas in January this year, has also decided to revise crew layover allowances and meal arrangements from September 1. In the communication to the employees, Air India CEO and Managing …

Global airline industry sees $201bn in COVID-related losses
3 years, 3 months ago

Global airline industry sees $201bn in COVID-related losses

Al Jazeera  

The combined $201bn in net losses over the pandemic-blighted period eclipses close to nine years of industry earnings, according to the International Air Transport Association. Airline losses from the coronavirus pandemic are set to surpass $200 billion as travel curbs weigh on corporate and long-haul demand well into 2022, according to the industry’s main lobby. Carriers are poised to post …

Indian aviation industry may incur losses worth ₹26,000 crore in FY22: Report
3 years, 4 months ago

Indian aviation industry may incur losses worth ₹26,000 crore in FY22: Report

The Hindu  

Pandemic-hit Indian aviation industry is expected to report a net loss of ₹25,000-26,000 crore while its debt level may increase to ₹1.2 lakh crore in the ongoing fiscal year, credit ratings agency ICRA said on Tuesday. The aviation industry is expected to witness a strong year-on-year growth of 45-50% in domestic air passenger traffic and80-85% in international air passenger traffic …

As virus cases spike, financial outlook for airlines dims
4 years, 1 month ago

As virus cases spike, financial outlook for airlines dims

Associated Press  

With coronavirus cases spiking in the U.S. and Europe, the financial outlook of the world’s airlines is getting worse. Airlines will lose more than $157 billion over this year and next because of the pandemic, their main trade group said on Tuesday, The forecast from the International Air Transport Association was worse than the group’s June estimate of $100 billion …

IATA says Covid-19 crisis will cost airlines more than $157 billion
4 years, 1 month ago

IATA says Covid-19 crisis will cost airlines more than $157 billion

CNN  

London CNN Business — More huge losses are looming for the airline industry as carriers brace for the Covid-19 crisis to extend well into 2021. De Juniac said that Covid-19 made 2020 the worst financial year on record “bar none.” The industry group expects net losses to total$118.5 billion, worse than the$84.3 billion forecast in June. “With airlines expected to …

Civil aviation revenues down 85%, 18,000 jobs lost
4 years, 3 months ago

Civil aviation revenues down 85%, 18,000 jobs lost

Deccan Chronicle  

Chennai: Revenues in the civil aviation sector have dropped by 85 per cent since the coronavirus lockdown. As per the data from the Ministry of Civil Aviation, domestic traffic fell close to 80 per cent from 5.85 crore during March-July 2019 to 1.20 crore in March-July 2020. International traffic too reduced 87 per cent from 93.45 lakh to 11.55 lakh …

Revenues of Indian airlines fell by over 85% in April-June period: Hardeep Singh Puri
4 years, 3 months ago

Revenues of Indian airlines fell by over 85% in April-June period: Hardeep Singh Puri

India Today  

The revenue of Indian airlines fell by over 85 per cent to Rs 3,651 crore during the first quarter of FY21 due to the severe disruption caused by the Covid-19 pandemic. Civil Aviation Minister Hardeep Singh Puri on Wednesday stated in a written reply in Rajya Sabha that Indian airlines suffered a 85.7 per cent revenue loss in comparison to …

SpiceJet Q1 results: Airlines reports net loss of ₹600 crore, owing to COVID
4 years, 3 months ago

SpiceJet Q1 results: Airlines reports net loss of ₹600 crore, owing to COVID

Live Mint  

SpiceJet, low-cost carrier, has reported a consolidated net loss of ₹600.5 crore for the the quarter ended June 2020 as flight operations remained suspended for most part of the quarter in the wake of coronavirus outbreak. "The COVID-19 pandemic, has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets," said …

Travel and tourism may lose ₹5 lakh crore: study
4 years, 4 months ago

Travel and tourism may lose ₹5 lakh crore: study

The Hindu  

The Indian travel and tourism industry, one of the worst-impacted sectors by the COVID-19 pandemic, may suffer a loss of ₹5 lakh crore, or $65.6 billion, this year, according to the latest research report from the Confederation of Indian Industry and hospitality consulting firm Hotelivate. “The entire value chain linked to travel and tourism is likely to lose around ₹5 …

Global Aviation Industry Need At Least $5 Billion Capital to Stay Afloat Amid Covid-19 Chaos: CAPA
4 years, 4 months ago

Global Aviation Industry Need At Least $5 Billion Capital to Stay Afloat Amid Covid-19 Chaos: CAPA

News 18  

Coronavirus-hit domestic aviation industry requires a capital infusion of around USD 5 billion to keep it afloat as expected consolidated industry losses may stand at USD 6-6.5 billion this fiscal, an aviation consultancy and advisory firm has said. According to it, the consolidated industry losses are likely to stand at around USD 6-6.5 billion in FY2021, excluding airport concessionaires and …

82% Corporates Expect to Get Back to Pre-covid Revenue Growth by June 2021: Report
4 years, 5 months ago

82% Corporates Expect to Get Back to Pre-covid Revenue Growth by June 2021: Report

News 18  

Eighty-two per cent of Indian companies expect to get back to pre-coronavirus revenue run rate by June 2021, according to a report by PwC India. According to the report, 73 per cent respondents are expecting lower revenues in 2020-21, but only 15 per cent expect the decline extending to the next fiscal. Twenty-six per cent of the respondents would be …

India to lose 130 million jobs due to Covid-19 pandemic: Report
4 years, 6 months ago

India to lose 130 million jobs due to Covid-19 pandemic: Report

India Today  

India is set to lose around 130 million jobs due to the Covid-19 pandemic, and 40% of those would be blue-collar jobs, says a report by Global Consultants. As per the report, the following industries would be worst hit due to Covid-19: Aviation Automobile Travel and tourism Food Entertainment Manufacturing Which sectors would do good despite the Covid-19 crisis? As …

Covid-19 impact: Airlines expected to lose $84.3 billion in 2020 globally
4 years, 7 months ago

Covid-19 impact: Airlines expected to lose $84.3 billion in 2020 globally

India Today  

Global airlines body IATA said on Tuesday that airlines across the world are expected to lose $84.3 billion in 2020 due to the coronavirus pandemic, calling it the "worst year" in the history of aviation. The International Air Transport Association said revenues will fall 50 per cent to $419 billion in 2020 from $838 billion in 2019. "In 2021, losses …

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan
4 years, 7 months ago

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Firstpost  

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as “very positive” and hoped that these would help in containing the decline in growth New Delhi: Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as …

Coronavirus Lockdown: India faces worst recession in current fiscal; economy to shrink by 5%, says CRISIL
4 years, 7 months ago

Coronavirus Lockdown: India faces worst recession in current fiscal; economy to shrink by 5%, says CRISIL

Firstpost  

India’s fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 percent in the current fiscal because of coronavirus lockdown New Delhi: India’s fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said …

Coronavirus Outbreak: Amazon says India business most affected due to the COVID-19 lockdown
4 years, 8 months ago

Coronavirus Outbreak: Amazon says India business most affected due to the COVID-19 lockdown

Firstpost  

Announcing its Q1 results for 2020, Amazon said that it would be spending $4 billion in COVID-19 related expenses during its Q2. The global e-commerce giant said that due to the nationwide lockdown it had to cut back on a lot of offerings in India and only deliver essential goods. “I think the biggest impact internationally has been in India …

Coronavirus Outbreak: IT sector revenue growth may hit decadal low due to COVID-19, says CRISIL
4 years, 8 months ago

Coronavirus Outbreak: IT sector revenue growth may hit decadal low due to COVID-19, says CRISIL

Firstpost  

The Indian IT sector is staring at a revenue growth sliding to a decadal low of up to 2 percent and an impact on profitability owing to narrowing of margins due to the COVID-19 pandemic, a report said on Friday Mumbai: The Indian IT sector is staring at a revenue growth sliding to a decadal low of up to 2 …

Coronavirus pandemic likely to hit 29 lakh jobs in Indian aviation, dependent sectors; Rs 85,000-cr revenue loss : IATA
4 years, 8 months ago

Coronavirus pandemic likely to hit 29 lakh jobs in Indian aviation, dependent sectors; Rs 85,000-cr revenue loss : IATA

Firstpost  

The coronavirus pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines’ grouping IATA said on Friday New Delhi: The coronavirus pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines’ grouping IATA said on Friday. About India, IATA said the pandemic …

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA
4 years, 8 months ago

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA

India TV News  

The coronavirus pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines' grouping IATA said on Friday. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country’s aviation and its dependent industries. Besides, the grouping noted that the revenue impact for airlines operating to and …

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA
4 years, 8 months ago

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA

The Hindu  

The COVID-19 pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines’ grouping IATA said on Friday. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country’s aviation and its dependent industries. Besides, the grouping noted that the revenue impact for airlines operating to and …

Coronavirus Outbreak: Economy suffers 'unprecedented collapse' due to COVID-19, says survey
4 years, 8 months ago

Coronavirus Outbreak: Economy suffers 'unprecedented collapse' due to COVID-19, says survey

Firstpost  

The coronavirus pandemic is having a “deep impact” on Indian businesses and has already caused an unprecedented collapse in economic activities over the last few weeks, says an industry survey released on Tuesday New Delhi: The coronavirus pandemic is having a “deep impact” on Indian businesses and has already caused an unprecedented collapse in economic activities over the last few …

Coronavirus Outbreak: AirAsia India cuts staff salaries by up to 20% for April to tackle airline’s finances
4 years, 8 months ago

Coronavirus Outbreak: AirAsia India cuts staff salaries by up to 20% for April to tackle airline’s finances

Firstpost  

AirAsia India has cut the April salary of its staff by up to 20 percent to tackle the airline’s finances amid the suspension of all commercial services till 3 May due to the lockdown, a source has said Mumbai: AirAsia India has cut the April salary of its staff by up to 20 percent to tackle the airline’s finances amid …

COVID-19: Ficci seeks bailout package for aviation industry
4 years, 8 months ago

COVID-19: Ficci seeks bailout package for aviation industry

The Hindu  

Industry lobby FICCI has sought a bailout package for the domestic aviation industry, including direct cash support from the government, interest-free soft loans and a two-years tax holiday to help the sector overcome the COVID-19 crisis. The coronavirus pandemic has impacted aviation industry the most, with the grounding of commercial flight services fully or partially resulting in substantial losses to …

Coronavirus lockdown | Airlines start selling domestic flight tickets
4 years, 8 months ago

Coronavirus lockdown | Airlines start selling domestic flight tickets

The Hindu  

In anticipation of no blanket extension of a lockdown across the country after May 4, airlines have started domestic flight ticket sales again. A look at airline websites and online ticketing portals on Wednesday revealed that — despite the new social distancing norms, including an empty middle seat, an earlier than usual closure of check-in counters and extended ground halts …

Why Modi govt needs to finance coronavirus-hit India afresh
4 years, 8 months ago

Why Modi govt needs to finance coronavirus-hit India afresh

India Today  

India has extended the nationwide coronavirus lockdown by another three weeks. News agency PTI cited a report by Centrum Institutional Research - an investment banking and wealth management firm - saying that the coronavirus lockdown may have cost the Indian economy Rs 7-8 lakh crore. Simply put, India could have added Rs 7.5 lakh crore to its GDP from March …

Coronavirus Outbreak: One crore job cuts likely in textile industry without govt support, says CMAI
4 years, 8 months ago

Coronavirus Outbreak: One crore job cuts likely in textile industry without govt support, says CMAI

Firstpost  

There could be as many as one crore job cuts in the textiles sector, which has been severely hit by the ongoing lockdown, if there is no support and revival package from the government, according to apparel industry body Clothing Manufacturers Association of India New Delhi: There could be as many as one crore job cuts in the textiles sector, …

Coronavirus Outbreak: World's biggest lockdown likely to cost Rs 7-8 lakh cr to Indian economy, say analysts
4 years, 8 months ago

Coronavirus Outbreak: World's biggest lockdown likely to cost Rs 7-8 lakh cr to Indian economy, say analysts

Firstpost  

Prime Minister Modi is likely to detail the post-lockdown scenario in an address to the nation on Tuesday morning. New Delhi: The world’s biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts …

Sub-Saharan Africa to fall into recession due to coronavirus
4 years, 9 months ago

Sub-Saharan Africa to fall into recession due to coronavirus

CNN  

CNN — Economic growth in sub-Saharan Africa is forecast to fall sharply in 2020 and the region will suffer its first recession in 25 years, according to a World Bank report published Thursday. The bank estimates “Covid-19 will cost the region between $37 billion and $79 billion in output losses for 2020 due to a combination of effects,” including trade …

Airline industry braces for prolonged recovery from coronavirus crisis; half the world's airplanes in storage
4 years, 9 months ago

Airline industry braces for prolonged recovery from coronavirus crisis; half the world's airplanes in storage

Firstpost  

Carriers including United Airlines Holdings Inc and Air New Zealand Ltd have warned they are likely to emerge from the coronavirus crisis smaller, and there are fears others may not survive. Sydney/Washington: International seat capacity has dropped by almost 80 percent from a year ago and half the world’s airplanes are in storage, new data shows, suggesting the aviation industry …

Coronavirus lockdown to come at heavy economic cost: Analysts
4 years, 9 months ago

Coronavirus lockdown to come at heavy economic cost: Analysts

India TV News  

The three-week lockdown in India will make the year 2020 an even worse year for the economy than the 2008 global financial crisis, according to analysts. ING Group said in a note that the three-week nationwide lockdown will significantly dent India's GDP growth, making this an even worse year for the economy than the 2008 global financial crisis. With all …

Aviation firms may suffer losses of up to $3.6 bn: CAPA
4 years, 9 months ago

Aviation firms may suffer losses of up to $3.6 bn: CAPA

The Hindu  

Indian aviation companies, including airlines, airport operators and related services, are estimated to incur a loss of $3.3 billion to $3.6 billion in the April to June 2020 quarter on account of COVID-19 spread in India and the resultant lockdown, aviation consulting firm CAPA Advisory has said. “India’s airline system is certainly not prepared for such a severe systemic shock, …

Not Just Coronavirus, India’s 2nd Big Battle is Economic Pandemic
4 years, 9 months ago

Not Just Coronavirus, India’s 2nd Big Battle is Economic Pandemic

The Quint  

While the Indian government is silent, other countries are fighting the coronavirus and the economic pandemics simultaneously. France has announced a 45 billion euro package, and even Italy, worst hit by the pandemic, says it will spend 25 billion euros to restart its economy. Instead of an expectation of Rs 7.4 lakh crore in GST, the government collected just Rs …

Coronavirus Outbreak: Mideast airlines lose over Rs 50,000 crore as airports shut, says IATA
4 years, 9 months ago

Coronavirus Outbreak: Mideast airlines lose over Rs 50,000 crore as airports shut, says IATA

Firstpost  

Seven Middle Eastern countries have suspended all commercial flights due to a fast-spreading new virus as the aviation industry’s largest trade association announced on Thursday that airlines in the region have already lost more than $7 billion in revenue Dubai: Seven Middle Eastern countries have suspended all commercial flights due to a fast-spreading new virus as the aviation industry’s largest …

Once the coronavirus pandemic is over, we will return to a very different airline industry
4 years, 9 months ago

Once the coronavirus pandemic is over, we will return to a very different airline industry

ABC  

The airline industry will wear the scars of the coronavirus pandemic for a very long time. Although the airline industry had a good decade overall, finishing each of the past 10 years in the black, its profit margins remain low and profitability differences between regions and carriers are rather high. Broadly, they've three options: let the struggling private airlines fall …

COVID-19: Air India says ’insurmountable’ dip in revenues, issues various cost-cutting measures
4 years, 9 months ago

COVID-19: Air India says ’insurmountable’ dip in revenues, issues various cost-cutting measures

Live Mint  

Air India informed its employees on Friday that it is taking various cost-cutting measures, including decreasing allowances for all employees, except cabin crew, by 10 per cent for three months as there is an "insurmountable dip" in the revenues due to the coronavirus outbreak. These measures have been announced days after GoAir announced layoff of expat pilots and IndiGo declared …

Coronavirus lockdown: Bollywood should donate money to daily wage earners, say trade analysts
4 years, 9 months ago

Coronavirus lockdown: Bollywood should donate money to daily wage earners, say trade analysts

India Today  

Amid the novel coronavirus scare, the entertainment industry is in the worst phase. #CoronaVirus #COVID19 pic.twitter.com/UywHCZL3O3 taran adarsh March 17, 2020 The Federation of Western India Cine Employees has also announced that it will distribute ration and basic material of daily needs to the daily wage earners. Tiger Shroff and Shraddha Kapoor's Baaghi 3 worked well in its first week …

African airlines lose $4.4 billion in revenue following the spread of coronavirus on the continent
4 years, 9 months ago

African airlines lose $4.4 billion in revenue following the spread of coronavirus on the continent

CNN  

Lagos, Nigeria CNN — Multiple flights have been canceled or temporarily suspended across Africa as airlines struggle to cope with falling demand following the spread of coronavirus. #COVID19 #Africa cases 18/03/20 🇪🇬EGY 166 🇩🇿 DZA 67 🇿🇦ZAF 62 🇲🇦 MAR 38 🇸🇳SEN 31 🇹🇳 TUN 24 🇧🇫BFA 20 🇨🇲CMR 10 🇷🇼RWA 8 🇬🇭 GHA 7 🇨🇮CIV 6 🇪🇹ETH 6 🇨🇩COD …

Domestic air travel has come down by 20-30 per cent after coronavirus outbreak: Hardeep Singh Puri
4 years, 9 months ago

Domestic air travel has come down by 20-30 per cent after coronavirus outbreak: Hardeep Singh Puri

India TV News  

Domestic air travel has come down by 20-30 per cent after the coronavirus outbreak and the aviation sector is suffering losses due to it, Civil Aviation Minister Hardeep Singh Puri said on Tuesday. Responding to the debate on the Aircraft Bill, 2020 in Lok Sabha, Puri said national carrier Air India, which was suffering a loss of Rs 26 crore …

Coronavirus will make most global airlines go bankrupt by May: CAPA
4 years, 9 months ago

Coronavirus will make most global airlines go bankrupt by May: CAPA

The Hindu  

As 145 countries have been affected by coronavirus, most airlines in the world will go bankrupt by this May end owing to restrictions put in place to prevent its spread, said the Centre for Asia Pacific Aviation, a leading aviation consulting group in a report. COVID-19 | Interactive map of confirmed coronavirus cases in India Coordinated government and industry action …

Economic toll of virus sinks in, duration remains an unknown
4 years, 10 months ago

Economic toll of virus sinks in, duration remains an unknown

Associated Press  

The Dow Jones Industrial Average over the past five days: up 1,293, down 785, up 1,173, down 969, down 256. “Several plausible developments could lead to a far more negative scenario than our baseline forecast,” said Moody’s Vice President Madhavi Bokil. Larry Kudlow, director of the president’s National Economic Council, told reporters that the administration is not looking at a …

How coronavirus pandemic is affecting India's already ailing auto sector
4 years, 10 months ago

How coronavirus pandemic is affecting India's already ailing auto sector

India TV News  

Coronavirus outbreak that has claimed around 3,000 lives worldwide has affected people across in more ways than one. Maruti Suzuki sees 1% drop in sales The country's largest carmaker Maruti Suzuki India on Sunday reported a 1.1 per cent decline in sales at 1,47,110 units in February. Sales of mini cars, comprising Alto and WagonR, stood at 27,499 units as …

Coronavirus impact on airline industry is already WORSE than 9/11
4 years, 10 months ago

Coronavirus impact on airline industry is already WORSE than 9/11

Daily Mail  

As the economic impact of the coronavirus outbreak ripples out from the epicenter in China, airlines have been among the hardest hit. The red-eye route was once popular The Tom Bradley International terminal at the Los Angeles International airport looks eerily quiet on Thursday as demand for air travel slumps After 9/11, airline revenue dropped an estimated $19.6 billion in …

Coronavirus: Investors are betting on a quick recovery. What if they’re wrong?
4 years, 10 months ago

Coronavirus: Investors are betting on a quick recovery. What if they’re wrong?

CNN  

London CNN Business — A growing number of companies are warning that the coronavirus will prevent them from meeting sales or profit targets for the first three months of the year. There’s still time to contain the virus, Ghebreyesus cautioned, “but the window of opportunity is narrowing.” Coronavirus cases in South Korea, a major producer of the memory chips used …

The financial cost of the coronavirus is becoming clearer for airlines
4 years, 10 months ago

The financial cost of the coronavirus is becoming clearer for airlines

CNN  

Hong Kong CNN Business — Qantas, Air France and KLM are taking a big hit from the novel coronavirus. Qantas, the flagship carrier of Australia, reported the coronavirus could reduce its profit by up to 150 million Australian dollars in the second half of its fiscal year. Qantas CEO Alan Joyce said Thursday that the airline plans to reduce flights …

Global airlines took a $7 billion hit from SARS. The coronavirus outbreak will likely be much worse
4 years, 11 months ago

Global airlines took a $7 billion hit from SARS. The coronavirus outbreak will likely be much worse

CNN  

Hong Kong CNN Business — The global airline industry is facing huge financial losses as a growing number of carriers cancel flights to China because of the coronavirus outbreak. The last time the aviation industry faced this kind of crisis was back in 2003, when the SARS outbreak cost Asia Pacific carriers $6 billion in revenue, according to the International …

Air India could post over Rs 7,600 crore loss in 2018-19, highest so far
5 years, 6 months ago

Air India could post over Rs 7,600 crore loss in 2018-19, highest so far

India TV News  

In what could make Air India sale an uphill task for the government, the national carrier could report highest-ever loss of over Rs 7,600 crore in financial year 2018-19 on account of low fleet utilization and high fuel prices among others. In order to sweeten the deal for Air India this time, the government is likely to offer entire 100 …

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