Jet Airways post fourth quarter loss

Eleanor Steed
By Eleanor Steed May 24, 2018 14:36

Jet Airways post fourth quarter loss

Jet Airways has reported a net loss of Rs 1,036 crore in the March quarter compared to a net profit of Rs 602.42 crore in the year-ago period, due to an increase in oil prices and a weaker rupee. The total income declined by 3.44% to Rs 6,055 crore during the quarter, against Rs 6,271.21 crore in the same quarter last year. Fuel costs rose by 31% to Rs 2,063.34 crore, against Rs 1,282.41 crore.

“Financial performance during the quarter was weaker due to the continuing increase in the price of Brent fuel without a corresponding increase in air fares, as well as mark-to-market adjustments due to a weaker rupee,” said Jet Airways chief executive officer Vinay Dube.

“The challenges notwithstanding, we are resolutely focused on undertaking numerous steps to create a healthier business by maintaining a relentless focus on lowering costs, increasing operational reliability as well as rejuvenating the customer experience, as part of our ongoing transformation,” he added.

Eleanor Steed
By Eleanor Steed May 24, 2018 14:36