Jet Airways posts Rs 101.22 crore loss third quarter

Private carrier Jet Airways on Friday said it has posted a loss of Rs101.22 crore for the quarter ended 31 December against a net profit of Rs118.23 crore for the same quarter of the previous year.
"High fuel prices together with the depreciating Indian rupee versus US dollar have pulled down the operating results to an extent. However yield improvements due to seasonality and narrowing gap between demand supply imbalances have helped the airlines to post operating profits," Jet Airways (India) Ltd's CEO, Nikos Kardassis, said.
He said the airline would continue to remain competitive through innovative marketing initiatives, increase in ancillary revenues, an enduring focus on cost-cutting measures through contract renegotiation, and process improvements across all segments of the business.
"The weakening of Indian rupee vis-a-vis the US dollar has had an impact on the US dollar-related costs including for the aviation turbine fuel because the same is priced in US dollars. Though we have a natural hedge in terms of our US dollar earnings to a big extent, we are still impacted because of the same and this is largely uncontrollable in the short term. Consequently, many of the cost line items have a currency impact embedded in it," an official statement said.
20/01/12 Daily News & Analysis

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Categories: Jet Airways Jan 2012