New Delhi, November 13: Jet Airways posted its third quarterly loss Rs 1,297.5 crore in July-September 2018 against a profit of Rs 49.6 crore in the same quarter of the previous fiscal. In the first six months of this fiscal, Jet has lost about Rs 14.4 crore a day. Jet Airways Allows Pilots to Leave Without Serving Notice Period; Premium Flyers Lose T2 Lounge Access at Mumbai Airport.

According to a Reuters report, the airline said, Jet had a negative net worth as on Sept. 30, with current liabilities exceeding current assets. The airline in order to take stock of the situation, will cut flights on less profitable routes and add capacity to more lucrative markets, as part of its effort to reduce costs and improve revenues as it struggles to stay aloft.

A week back, the airline has given its pilots the option to leave, without serving their notice period. This has been decided, keeping in mind the financial instability of the airline. Reportedly, more than 50 pilots resigned in the last few months, with most leaving after serving a notice period of just 48 hours. Pilots are usually required to serve a notice period of 6 months after their resignation. Jet recently appointed Goldman Sachs Group and Boston Consulting Group (BCG) as advisers recently, to achieve these goals.

(The above story first appeared on LatestLY on Nov 13, 2018 11:27 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).