New Delhi, July 23 (IANS): Go First airline is a major player in the Indian aviation sector with a fleet size of 57 aircraft. While the latest available financial results spoke of stressed financials, industry sources said the airline is likely to raise money through an initial public offering (IPO) as air travel now recovers from the pandemic blues.
By the way, Go First has been reporting some incidents of technical malfunctions lately.
The Aviation Authority recently grounded its planes after two of its planes experienced technical malfunctions that led to their diversion on July 19.
With a fleet size of 57 aircraft, Go First recorded a load factor of 78.7 percent in June. The airline reported a 9.5 percent market share in the same month.
Asked whether the entry of new players, including Akasa Air and Jet Airways, has caused staff shortages, a Go First spokesman said: “Go First is appropriate in all service departments, including pilots, technicians and in-flight, with experienced staff staffs crew, airport services and all other operational functions.”
According to the latest financial data available, the airline reported a loss of Rs.9.23 crore from April to September 2021, although its total revenue increased by 105 percent to Rs.1,202.90 crore over the same period.
On the financial strains facing most airlines, aviation consultant Harsh Vardhan said most Indian airlines have been making losses since 2008.
“Operating costs in India are high while aviation fuel prices are also on the higher side. Cash flow and liquidity have been major issues, especially during the two-year Covid period. For many airlines, suppliers of spare parts have not been paid in full, disrupting the supply chain,” he said.
Meanwhile, the airline spokesman quoted above said that at Go First, the safety of its passengers and crew is of the utmost importance and the airline places the highest priority on providing a safe environment for its passengers.
On passenger safety, the spokesman said: “Go First makes passenger safety its top priority and as per standard procedure, all required preventive maintenance checks are carried out at regular intervals. The aircraft’s inspection and maintenance practices comply with DGCA standards and all international and national aviation standards.”
Go First, which has expanded its network, announced direct flight connections between Kochi and Abu Dhabi on June 28.
Go First, part of the Mumbai-based Wadia Group, began operations in November 2005 and has 16 years of successful business history behind it.
Of the fleet of 57 aircraft, 52 are A320NEOs with fuel economy engines.
“Our fleet of 57 aircraft is the youngest fleet in India. The average age of the fleet is just under 36 months and the technical reliability of the fleet is over 99.6 percent,” said the airline spokesman.
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