India's leading airline Jet Airways on Thursday reported a 240% year-on-year jump in net loss at R298 crore for the quarter ended on March 31 against Rs. 124 crore a year ago mainly on account of high fuel costs and intense competition.
Troubles at Kingfisher Airline, which stopped international operations recently, however, boosted Jet's revenue by leading to a better load factor on global routes. Revenue rose 24.6% year-on-year in the Jan-March quarter at R4,041 crore against Rs. 3,243 crore in the same period of the previous fiscal.
The company's annual net loss jumped by 1,500% for the financial year ended March 31 against the same period a year ago. The net loss stood at Rs. 1,420 crore in 2011-12 compared to Rs. 86 crore in the year-ago period.
"Rupee depreciation and fuel prices has impacted quarterly results," said Nikos Kardassis, chief executive. "However, capacity reduction in the industry has helped to improve yields."