Jet Airways reports net loss of Rs 1,036 crore in March quarter

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Jet Airways reports net loss of Rs 1,036 crore in March quarter

Naresh Goyal-promoted Jet Airways today reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee.

The company had reported a net profit of Rs 602.42 crore in the year-ago period.

The total income also declined by 3.44 per cent to Rs 6,055 crore during the quarter, against Rs 6,271.21 crore in the same quarter last year, it said in a regulatory filing.

Fuel expenses rose by 31 per cent to Rs 2,063.34 crore, against Rs 1,282.41 crore.

"Financial performance during the quarter was weaker due to the continuing increase in the price of Brent fuel without a corresponding increase in air fares, as well as mark-to-market adjustments due to a weaker rupee," Jet Airways chief executive officer Vinay Dube said in a press release.

For financial year 2017-18, the airline reported a standalone net loss of Rs 767.62 crore, against a net profit of Rs 1,482.52 crore, according to the filing.

"The challenges notwithstanding, we are resolutely focused on undertaking numerous steps to create a healthier business by maintaining a relentless focus on lowering costs, increasing operational reliability as well as rejuvenating the customer experience, as part of our ongoing transformation," he added.

The company's scrip ended at Rs 421.15, up 0.23 per cent on the BSE today, against 0.88 per cent decline in the benchmark.

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