NeW Delhi/ Mumbai: Jet Airways (India) Ltd, top airline by market share, on Friday said it swung to a net loss, compared with profit a year ago, due to rising fuel prices and a forex loss in the quarter. For the quarter ended September, it reported a net loss of Rs 714 crore, compared to Rs 12 crore in the same period lasy year. It had made a profit of Rs 10 crore in the same quarter last year.
Total income rose to Rs 3,293 crore, from Rs 3,068 crore in the comparable period last year.
"Tough pricing environment, lean season impact and high fuel prices impacted the results," the carrier said in a statement. Earnings were also hit by an exceptional forex loss of $52.7 million due to depreciation of the rupee. Fuel prices went up by 41 per cent on year, hitting profitability. Despite placing huge orders worth $50-billion with Boeing and Airbus, India's airlines are struggling to make money.
The Indian aviation market is one of the fastest growing with passenger numbers growing at 19 per cent. Jet carried 16 per cent more passengers in the quarter. Its revenue grew from Rs 3,067 crore in the second quarter of last year to Rs 3,293 crore during the current quarter.
12/11/11 Business Standard
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