Quarter 4 Report – Jet Airways in Loss of Rs 1,045 Crore
On Wednesday, it was reported by Jet Airways that the company suffered net loss from a profit a year earlier. It was pulled down by a weak operating performance. It also admitted that it is the only loss making airline among listed entities.
Jet Airways is second biggest airline of India. It has posted a net loss of Rs 1,045 crore in the January-March quarter compared to a net profit of Rs 601.71 crore in the corresponding period last year. The company stated that the net revenue from sales rose a mere 9% to Rs 5,924.85 crore, while other income plunged 82% to Rs 822 crore, the difference created as the airline sold planes and land parcels a year earlier and none in the quarter under review.
The senior official of the company informed that the total expenses soared 25% to Rs 7,091.15 crore, led by a 56% increase in plane maintenance costs. On an annual basis, Jet posted a consolidated loss of Rs 634 crore compared to a net profit of Rs 1442 crore last year.
On the other side, IndiGo also has reported that there was 73% fall in net profit to Rs 117.6 crore for the fourth quarter while rival carrier SpiceJet’s net profit rose 11% to Rs 46 crore.