Jet Airways post fourth quarter loss

victoria@aviationnews-online.com
By victoria@aviationnews-online.com 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.

victoria@aviationnews-online.com
By victoria@aviationnews-online.com May 24, 2018 14:36