June 23 (Reuters) - India's Akasa Air plans to raise passenger capacity by 30% in the current fiscal year, the airline said on Tuesday, after posting a 37% rise in annual revenue and a narrower loss.
The unlisted airline did not disclose absolute revenue and income figures, but added that it was thinking of tapping the Indian government's loan guarantee and price stabilisation schemes for the industry.
The government this month approved a $1 billion fuel stabilisation fund to help keep jet fuel prices in check after they surged in the wake of the Iran war. Jet fuel is typically the largest expense for airlines.
Akasa said that its cost per available seat kilometre fell 4% on the year and that margins improved by 60%, aided by restructuring. It added 10 Boeing 737 MAX aircraft during the year that ended in March.
Akasa Air, which began commercial operations in 2022, has a 5.4% share of India's domestic aviation market, which is dominated by IndiGo and Tata Group-backed Air India.
Reporting by Abhijith Ganaparavam; Writing by Kashish Tandon; Editing by Christian Schmollinger and Edwina Gibbs
Source: Reuters