Mumbai: Jet Airways, which today posted a loss for the second consecutive quarter, said the USD 749-million cash flow from the proposed deal with Etihad Airways will help it repair its balance sheet.
The airline also said it plans to raise USD 300 million in external commercial borrowings (ECB) to retire high-cost debt.
The company reported a net loss of Rs 355.38 crore for the first quarter ended June 30 compared with a profit of Rs 24.7 crore a year earlier. Total income from operations declined to Rs 4,005.15 crore from Rs 4,587.27 crore, Jet Airways said in a filing to the BSE today.
Last month, the Foreign Investment Promotion Board approved a Rs 2,058-crore deal under which Abu Dhabi-based Etihad proposes to buy a 24 per cent stake in Naresh Goyal-led Jet Airways. The proposal needs to be cleared by capital markets regulator Sebi and fair trade watchdog CCI.
09/08/13 PTI/Economic Times
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The airline also said it plans to raise USD 300 million in external commercial borrowings (ECB) to retire high-cost debt.
The company reported a net loss of Rs 355.38 crore for the first quarter ended June 30 compared with a profit of Rs 24.7 crore a year earlier. Total income from operations declined to Rs 4,005.15 crore from Rs 4,587.27 crore, Jet Airways said in a filing to the BSE today.
Last month, the Foreign Investment Promotion Board approved a Rs 2,058-crore deal under which Abu Dhabi-based Etihad proposes to buy a 24 per cent stake in Naresh Goyal-led Jet Airways. The proposal needs to be cleared by capital markets regulator Sebi and fair trade watchdog CCI.
09/08/13 PTI/Economic Times
