Net loss goes up in Jet Airways
INDIA’S biggest private airline Jet Airways on Thursday (May 24) reported a wider quarterly net loss than a year earlier after being hit by the falling rupee and soaring fuel costs.
The carrier recorded a consolidated net loss of `2.98bn ($55m/£35.05m) in the three months to March, against a loss of `1.24bn $22.37m/£14.27m) a year earlier, a company statement said.
Revenues rose 27 per cent to `40.2bn ($702m/£463m) in the final fiscal quarter but fuel costs rose 42 per cent to $358m (£228m).
The airline carried 4.82 million passengers in the quarter.
“The falling rupee and crude prices are a cause for concern,” the airline said in the statement.
“This coupled with a sluggish economy could impact traffic growth in the medium term, as discretionary spending on travel could get affected.”
All of India’s airlines barring one - low-cost IndiGo - are losing money and struggling to cope with heavy debt, intense competition and high fuel prices.
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