New Delhi: Air India (AI) has posted a net profit of Rs 15.44 crore during 2001-02, after emerging out of a loss of Rs 44.40 crore in the previous fiscal, though its turnover fell by 4.7 per cent, according to its annual report.

The report, which was tabled in Parliament last week, showed that total revenue of the country's flagship carrier fell to Rs 5032.9 crore from Rs 5278.8 crore a year earlier.

Sixty four per cent of the revenue achieved was from passengers while handling and service, and freight accounted for 9.6 and 7.6 per cent respectively.

Air India said it could turnaround and post profit after six years during 2001-02 due to lower price of fuel in the international market, reduction in finance cost and interest burden and savings achieved through several cost control steps like freeze on vacancies and abolition of posts and retrenchment of staff at foreign stations.

The airline attributed the drop in revenue mainly to September 11 terror attacks in the US which led to a decline in passenger and overall load factors in September/October 2001 and cancellation of scheduled flights thus affecting its scheduled service revenue.

Its total expenditure during the year fell by 5.7 per cent to Rs 5017.50 crore from Rs 5323.25 crore a year ago, the annual report said.

PTI