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Monday, 27 August, 2018, 21 : 00 PM [IST]

Jet Airways reports net loss of INR 1,323 cr in Q2 2018

According to the livemint report, Jet Airways on Monday reported a net loss of INR 1,323 crore during the April-June quarter of the current financial year, against a net profit of INR 53.50 crore a year ago, on the back of higher fuel expenses. The company reported a net loss of INR 1,036 crore during the preceding January-March quarter.

Revenue from operations stood at INR 6,010 crore during the April-June quarter, compared with INR 5,649 crore a year ago.

Aircraft fuel expenses for the quarter surged 53% year on year to INR 2,332 crore.

The airline’s board, on 9 August, deferred announcement of unaudited financial results for the June quarter. Its shares declined by more than 8% on 10 August in reaction to the news.

Recently, Vinay Dube, CEO, Jet Airways said that the carrier was working very diligently and was implementing a mission plan that looked at every element of structuring from the cost perspective, and revenue perspective among others. “We are looking at costs related to fuel, fleet, sales and distribution. And the return to profitability will come with the execution of these measures,” he had told shareholders at the airline’s annual general meeting on 9 August.
 
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