Jet Airways, India’s largest private sector airline, posted a net loss of Rs 713.6 crore in the second quarter against a net profit of Rs 12.4 crore in the corresponding period last year.
Jet reported a total income of R3,332 crore for the quarter against Rs 3,103 crore in the corresponding period last year.
The loss was on account of higher operational expenses. Jet witnessed a huge increase in its fuel expenses that impacted the profitability. Fuel expenses jumped up by 59% in Q2 at R1,491 crore from Rs 994 crore since the second quarter last year.
To cut costs, the company is reportedly planning to shut down two operations and may also reduce the employee count.