Jet Airways to approve Dec quarter results at Feb 14 board meet
BusinessToday.In February 8, 2019
Jet Airways, which is grappling with acute financial problems, Friday said its board will meet on February 14, to approve the unaudited financial statements for the third quarter and nine months ended December 31, 2018.
"The meeting of the board of directors of the company shall be held on February 14, 2019, inter alia, to approve the unaudited financial statements for the third quarter and nine months ended December 31, 2018," Jet Airways said in a filing to the BSE. Shares of the company fell by 2.24 per cent to Rs 231.30 on the BSE. Meanwhile, in a filing to stock exchanges Thursday, Jet Airways said four planes have been grounded due to non-payment of amounts outstanding to lessors under lease agreements.
"The company is actively engaged with all its aircraft lessors and regularly provides them with updates on efforts undertaken by the company to improve its liquidity," it said. Cash-starved Jet Airways has mopped up Rs 250 crore from advance sale of tickets to its customer loyalty programme Jet Privilege, less than five months after raising money through the same route.
The full service carrier, which is grappling with acute financial problems, is working to restructure its debt as well as raise fresh funds.
"Similar to what was done in October 2018, Jet Privilege Private Limited (JPPL) concluded a second Prepaid Ticket Purchase agreement, for USD 35 million, with Jet Airways, which is in the normal course of business," the spokesperson told PTI. Amid the cash crunch, the airline is making delayed payment of salaries to many of its staff.