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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Worst over for loss-making Air India: minister AFP - Wednesday, April 14 Send IM Story Print Worst over for loss-making Air India: minister Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – State-run carrier Air India, struggling to cut massive losses, has turned the corner financially, Civil Aviation Minister Praful Patel said on Tuesday. Air India's once-dominant domestic market share has shrunk to 18 percent in the face of intense competition from private carriers after India liberalised its civil aviation market in the 1990s. "The worst is over and Air India is continuing on a path of recovery," Patel told reporters on the sidelines of a business conference in New Delhi. The airline had been racking up average monthly losses of four billion rupees (90 million dollars) a month but these have now started coming down by one billion rupees a month, Patel told reporters. "Things are looking much more controlled than they were two months ago," he said, and added that four professional businessmen appointed to its board of directors were helping pilot the affairs of the company more efficiently. "There has been a qualitative improvement in the functioning in the last six months," Patel said. The flagship airline declared a 55.5-billion-rupee net loss for the year to March 2009 due to the global economic downturn and reduced passenger traffic, according to figures presented to parliament last month. The carrier is expected to report a loss of 54 billion rupees for the fiscal year ended in March 2010, according to the government figures. Earlier this month Air India appointed for the first time a chief operating officer, Gustav Baldauf, who previously held a senior post with Austrian Airlines, to improve airline operations. The carrier, which merged with the state-owned domestic carrier Indian Airlines in 2007, serves 117 destinations in India and overseas. The government approved an eight-billion-rupee cash injection for the troubled airline in February, part of a phased bailout of 50 billion rupees over three years. However, the government is insisting that the carrier reduce costs to qualify for handouts. Recommend Send IM Story Print Related Articles ADB urges China to make yuan more flexible AFP - 1 hour 40 minutes ago US consumer magazine calls Lexus model a 'safety risk' AFP - Wednesday, April 14 Worst over for loss-making Air India: minister AFP - Wednesday, April 14 US-BUSINESS Summary Reuters - Wednesday, April 14 Consumer Reports calls Lexus SUV "safety risk'" Reuters - Wednesday, April 14 News Search Top Stories Juncker 'reassured' by markets over EU Greek bailout Poles pay tribute as first couple lie in state US trade deficit widens in February Greece attracts strong treasury bill demand Oil price surge threatens economic recovery: IEA More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World nuclear summit confronts 'growing' threat Dow closes above 11,000 for first time in 18 months Fresh doubts hit Europe's Greek bailout offer Oil price surge threatens economic recovery: IEA 'All bets are off' if US under WMD attack: Clinton More Most Viewed » Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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