National
Crude at $60 conducive to revenue growth: Air India CMD
By Rohit Vaid
New Delhi, Jan 19 (IANS) Crude oil prices at around $60 per barrel is the “ideal” level for Air India to sustain its new-found revenue growth, the airline’s Chairman and Managing Director (CMD) Pradeep Singh Kharola said.
When asked about the surge in crude oil prices and its impact on Air India’s revenue growth, Kharola told IANS: “I believe the airline is comfortable with oil prices being in the range of $60-65 per barrel.”
“Anything beyond this range will obviously erode our bottomline,” he said at the company’s HQ — Airlines House — located here.
Several global factors like production curbs and high demand have led to a surge in crude oil prices to a three-year high. As of January 18, 2018, it hovered around the $70-a-barrel mark.
Crude prices are important for airlines, as jet fuel, which is a refined product, is heavily taxed in India and forms a major cost component.
The new CMD pointed out that on a year-on-year basis the airline has grown its revenues by around 10 per cent during April-December 2017. He, however, did not disclose any figures.
Recently, Parliament was informed that Air India is expected to report a net loss of Rs 3,579 crore for 2017-18 as per “(budget estimates) (projected)” from a (provisional) net loss of Rs 3,643 crore for 2016-17.
On the other hand, the airline is projected to increase its operating profit to Rs 531 crore (BE projected) for 2017-18 from a provisional operating profit of Rs 215 crore for 2016-17.
The airline, which is under a massive debt burden of Rs 50,000 crore, had posted an operating profit of Rs 105 crore in 2015-16, and is expected to report an improved operating profit margin for the last fiscal.
According to Kharola, the airline plans to increase its revenue by focusing on the business class segment by providing better services in terms of food and beverages and entertainment options.
In terms of new international services, Kharola said that the airline is expected to commence a New Delhi-Los Angeles flight within the next two-three months and increase frequencies to Australia.
In regard to the ongoing discussion surrounding the divestment process, Kharola distanced himself and stated that his mandate is “to improve the airline’s efficiencies and to keep a tab on costs”.
However, he said, efforts are under way to safeguard employees’ interests. Air India has over 11,000 employees, whereas at the group level, including its subsidiaries, the number of staffers goes up to about 20,000.
Currently, a ministerial panel is firming up the contours of the strategic divestment — of at least 51 per cent stake — in Air India and its subsidiaries.
Last month, consulting multinational EY had been appointed as transaction advisors to aid the government in the strategic divestment process.
(Rohit Vaid can be contacted at [email protected])
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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