Tuesday, August 28, 2018

Jet Airways makes Q1 loss of ₹1,323 cr. on fuel, currency impact

Jet Airways (India) Ltd. has reported standalone net loss of ₹1,323 crore for the first quarter ended June 30, 2018 as compared with a net profit of ₹53 crore in the year-earlier period on higher outgo towards fuel expenses and currency fluctuation impact.

In the previous quarter, the airline had reported a net loss of ₹1,036 crore.

Fuel cost was higher by ₹269 crore compared with the previous quarter and ₹808 crore compared with the year-earlier period. During the quarter, the company recorded a foreign currency fluctuation impact of ₹364 crore

“Macroeconomic factors led by an increase in Brent fuel price by more than 36%, a depreciating rupee and the resulting mismatch between high fuel prices and low fares primarily undermined the performance in the quarter,” the company said in a statement.
27/08/18 The Hindu