Cash-strapped Jet Airways, which today reported a whopping Rs 1,323 crore of net losses for the June quarter due to higher fuel cost, falling rupee and low fares, said it will monetise loyalty programme JetPrivilege and wet-lease some of its small aircraft to mobilise urgent working capital.
This is the second straight quarter of losses for the Naresh Goyal-run airline, which had last month publicly admitted to cash-flow issues. The airline had booked net profit of Rs 53.50 crore in the year-ago period, while in the March quarter it had reported net losses of Rs 1,036 crore.
The airline said it fuel cost soared 53 per cent to Rs 2,332 crore in the quarter, while low fares had revenue inching up to Rs 6,066 crore from Rs 5,953 crore.
On a consolidated basis, the net loss stood at Rs 1,326 crore, against a net profit of Rs 58 crore a year ago.
28/08/18 CNBC TV18
To Read the News in full at Source, Click the Headline
This is the second straight quarter of losses for the Naresh Goyal-run airline, which had last month publicly admitted to cash-flow issues. The airline had booked net profit of Rs 53.50 crore in the year-ago period, while in the March quarter it had reported net losses of Rs 1,036 crore.
The airline said it fuel cost soared 53 per cent to Rs 2,332 crore in the quarter, while low fares had revenue inching up to Rs 6,066 crore from Rs 5,953 crore.
On a consolidated basis, the net loss stood at Rs 1,326 crore, against a net profit of Rs 58 crore a year ago.
28/08/18 CNBC TV18
0 comments:
Post a Comment