Jet Airways India Ltd, India’s largest domestic carrier, reported that its fiscal 2010-11 consolidated net loss had narrowed to R86 crore from R420 crore a year ago. The company’s net revenue for the last fiscal stood at R14,737 crore that was up 20% from a year ago.
The company narrowed down losses aided by cost-cuts and route rationalisation.
“While we may not be able to impact external factors, our relentless focus remains on improving efficiencies and productivity in our operations,” said Nikos Kardassis, CEO, Jet Airways (I) Ltd.
“Airlines across the world have been impacted by the rude crude shock lately and Jet Airways is no exception. Though we would have liked to pass through all of the fuel price increases, it was not possible to do that in the short term.”
“To the extent crude oil prices and fares continue to remain higher, it could impact some traffic growth in the short term though the medium term growth outlook remains intact,” the company said in a statement.