Jet Airways Reports Rs 1,323 Crore Loss in First Quarter, as Against Rs 53.50 Crore Profit Last Year
The magnitude of the loss incurred by the company is likely to further demotivate the investors from holding on to the Jet Airways share. So far this year, the carrier's stocks have depreciated by 66 per cent.
New Delhi, Aug 27: Crisis-hit Jet Airways has reported a loss for the second consecutive quarter. For the three-month period ending June, the airlines suffered a net loss of Rs 1,323 crore. In the corresponding period last year, the Naresh Goyal-led carrier had profited by Rs 53.50 crore.
Jet Airways has attributed the loss primarily to the surge in brent crude oil prices, which has led to a hike in the charge of procuring aviation fuel. The weakening rupee against the dollar, along with the competitive pricing of airfares, are cited among other reasons.
The year-on-year profit, although has rose by Rs 361 crores as the company recorded a total earning in Q1 of Rs 6,010 crore. In the corresponding period of the last fiscal, the net revenue was registered as Rs 5,649 crore.
The magnitude of the loss incurred by the company is likely to further demotivate the investors from holding on to the Jet Airways share. So far this year, the carrier's stocks have depreciated by 66 per cent.
Earlier in the year, Jet Airways CEO Vinay Dube had issued an apology to the investors for the weakening fiscal condition of the carrier. Appealing shareholders to maintain confidence, he said the company is working on a mission to turn things around. "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," Dube had said.
(The above story first appeared on LatestLY on Aug 27, 2018 09:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).