Jet Airways Reports Q1 Loss at Rs 1,323 Crore
On Monday, Jet Airways has reported a standalone net loss of Rs 1,323 crore for the quarter ended June 30. The company had posted a profit of Rs 53.50 crore in the year ago period. Company’s total income however, rose to Rs 6,010 crore from Rs 5,648 crore in the year ago quarter.
It was blamed by the company that the macroeconomic factors led by an increase in Brent fuel price, a depreciating rupee and the resulting mismatch between high fuel prices and low fares primarily for poor performance in the quarter.
During the first quarter, the company has incurred a loss and has negative net worth as of June 30. It has undertaken various initiatives in relation to saving cost, optimize revenue management opportunities and enhance ancillary revenues. These initiatives are expected to result in improved operating performance,” Jet Airways said in a regulatory filing on Monday.
The company’s said its continued thrust to improve operational efficiency and initiatives to raise funds, including monetization of assets, are expected to address uncertainties in relation to generation of sustainable cash flows and ability to repay its borrowings.