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Jet Airways reports net loss of Rs. 1,323 cr in April-June

Jet Airways reports net loss of Rs. 1,323 cr in April-June
New Delhi, Aug 28 (Agencies) | Publish Date: 8/28/2018 12:16:37 PM IST

Jet Airways reported a net loss of Rs. 1,323 crore for the April-June period. That marked a quarter-on-quarter increase of 27.7 per cent in the net loss. 

The airline had registered a net profit of Rs. 53.50 crore for the quarter ended June 30, 2017. Jet Airways’ revenue from operations for the first quarter of 2018-19 came in at Rs. 6,010 crore, 6.4 per cent higher from Rs. 5,648.87 in the corresponding period a year ago.

Earlier this month, Jet Airways had deferred release of earnings for the April-June quarter. The airline had said its audit committee did not recommend the results to the company’s board for approval “pending closure of certain matters”. Jet Airways, the country’s second-largest airline by market share, had reported a loss of Rs. 1,036 crore for the January-March quarter.

Jet Airways has been facing financial difficulties but has said it is confident it can cut costs and keep flying, dismissing reports that it had told staff it was running out of cash.

India is the world’s fastest-growing aviation market, but rising fuel prices, a weaker rupee and price competition has pulled down airline profitability. InterGlobe Aviation, operator of the country’s leading carrier IndiGo, reported a 97 per cent plunge in profit last month. A depreciating rupee and an about 36 per cent rise in global oil prices dented the company’s profitability, the airline said in the statement as reported by news agency Reuters.

The struggling airline will inject capital and reduce debt to cut its interest costs, the statement said, without elaborating on the size of the funds’ injection.

 

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