Jet plunges lower, posts Rs 407 cr loss | business | Hindustan Times
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Jet plunges lower, posts Rs 407 cr loss

The country’s largest private airline Jet Airways has posted a loss of 406 crore for the second quarter ended September 30, 2009 as compared to net loss of Rs 386 crore in the same period last year.

business Updated: Oct 27, 2009 23:57 IST
HT Correspondent

The country’s largest private airline Jet Airways has posted a loss of 406 crore for the second quarter ended September 30, 2009 as compared to net loss of Rs 386 crore in the same period last year.

The management attributed the poor performance to lower yields due to lower fares, poor passenger loads and the five-day pilots’ strike last month that crippled the airline’s services severely. Jet said it had to cancel 1,200 domestic and 200 international flights during those five days resulting in sharp revenue erosion.

The company’s revenues came down by 27 per cent to Rs 2,381 crore during the quarter as it reduced capacity by 18 per cent by leasing out planes and pruning loss-making routes.

The airline is awaiting approval from the Foreign Investment Promotion Board (FIPB) to raise up to $400 million (Rs 1,880 crore) to fund its capital expenditure and other requirements.

“Our operational performance has stabilised,” said Saroj K Datta, executive director, Jet Airways in a conference call with journalists. “We achieved seat load factor of 77 per cent as compared to 66 per cent in the same quarter last year.”