Jet Airways Q4 net loss widens
India’s second largest carrier by passengers carried, Jet Airways, on Friday posted a net loss of Rs. 495.53 crore for the quarter ended March 31 from a loss of Rs. 298.12 crore during the same period a year earlier.
Net sales of the Naresh Goyal-led airline dropped 2.96% to Rs. 3,921.92 crore from Rs. 4,041.61 crore last year. Shares of the airline tanked 3.69% to close at Rs. 562.70 on the BSE on Friday.
Also, the airline at its general meeting held on Friday, approved the preferential allotment of 27.2 million shares to Abu Dhabi-based Etihad Airways at Rs. 754.73 a share, inclusive of premium. “The preferential allotment of shares is subject to the fulfillment of certain conditions precedent including approval of the Foreign Promotion Board and the Competition Commission of India,” Jet Airways said. “The adoption of new set of articles of association of the company was deferred and will be taken up at a subsequent meeting with a fresh notice being issued.”
Etihad, in April, agreed to acquire a 24% stake in Jet for $370 million, giving it a bigger foothold in the fast-growing Indian market.
Enter your email to get our daily newsletter in your inbox
- While Bangalore has been ranked top among 49 cities with population of more than a million, Bareilly, Dhanbad and Srinagar are ranked as the bottom three.
- To ensure buffer-free services, media servers will be placed inside coaches, RailTel CMD Puneet Chawla said in a press briefing.
- Kerala Finance Minister Thomas Isaac said the timing of the ED’s notice was deliberate since the masala bonds were floated two years ago.
- This year, the focus of National Safety Day is on road safety and the theme is ‘Sadak Suraksha’ (road safety).
- The TTAADC has 30 seats, of which 28 are elected and two are nominated.