Air India ran Rs 321-cr operating loss, not profit, in 2015-16: CAG
The Comptroller and Auditor General pointd out significant understatement of losses by the national carrier in its financial statements.
New Delhi: Air India has posted a standalone operating loss for 2015-16 of Rs 321.4 crore, though the company has claimed an operating profit of Rs 105 crore, the official auditor said on Friday.
The Comptroller and Auditor General also pointd out significant understatement of losses by the national carrier in its financial statements.
"Air India is claiming an operating profit of Rs 105 crore for financial year 2015-16. But based also on the statutory auditors' reports, the airline had an operating loss of Rs 321.4 crore last year because the required provisions were not made," Director General in the Comptroller and Auditor General (CAG)'s office V. Kurian told reporters here.
Kurian was presenting the CAG's audit report on the financial restructuring plan of Air India tabled in Parliament on Friday.
The official auditor said that the understatement of losses was to the extent of Rs 1,455.8 crore for 2012-13, Rs 2,966.66 crore for 2013-14 and Rs 1,992.77 crore for 2014-15.
"Considering the effect of these qualifications on the financial statement, the EBITDA (earning before interest, tax, depreciation, amortisation) of Air India would be negative (up to March 2015)," the report said.
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