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Tuesday, Jan 21, 2020

Jet Q4 loss soars 240% on fuel costs

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 R124 crore a year ago mainly on account of high fuel costs and intense competition.

india Updated: May 24, 2012 23:19 IST
HT Correspondent
HT Correspondent
Hindustan Times
Hindustantimes
         

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."