Jet Airway's unpaid fuel bills up 65% in first half of FY'12

Jet Airways, the nation's largest private airline, saw its unpaid jet fuel bills rise by over 65 per cent to Rs 849 crore (Rs 8.49 billion) in the first six months of the 2011-12 financial year, while the dues of Kingfisher Airlines grew by less than 4 per cent during the same period.
Jet Airways owed Rs 849.15 crore (Rs 8.49 billion) in unpaid jet fuel bills to state-owned oil firms as of September 30, a 65 per cent from increase from a Rs 514.68 crore (Rs 5.14 billion) outstanding as of March 31, 2011, Oil Minister S Jaipal Reddy told the Lok Sabha on Thurs in a written reply to a question.
In comparison, cash-strapped Kingfisher Airlines saw its outstanding rise by Rs 24.21 crore (Rs 242 million) to Rs 636.79 crore (Rs 6.36 million) in the first half of the current fiscal.
Kingfisher owes all of its outstanding dues to Hindustan Petroleum Corp Ltd while Jet owed Indian Oil Corp Rs 695.90 crore (Rs 6.95 billion) and Rs 153.24 crore (Rs 1.53 billion) to Bharat Petroleum Corp Ltd as of September 30, 2011.
24/11/11 PTI/Rediff.com

To Read the News in full at Source, Click the Headline

Categories: Jet Airways Nov 2011