New Delhi: Naresh Goyal-led Jet Airways is expected to post its worst quarterly earnings in its lifetime on Monday. The airline is struggling financially and there have been reports of Naresh Goyal trying to woo potential investors such as Tata Sons and commercial airline partner Delta Air Lines.
According to an Economic Times report, analysts have pegged the airline's losses at up to Rs 2,000 crore for the July-September quarter. It may be noted that the company reported a net profit of Rs 460 crore in the same quarter last year. An analyst told the financial daily, "IndiGo’s losses have anyway set a precedent of sorts for the industry. Jet Airways’ own problems of hurt yields and constantly ballooning costs added to the fact that July-September is the weakest quarter for airlines, makes for a bleak outlook for this Monday for Jet."
Worth mentioning here is that Jet's independent director and a member of the company's audit committee Vikram Singh Mehta resigned recently. The company is going through its worst financial crisis till date. It has delayed salaries, grounded planes, reduced workforce and cut operations to deal with the situations. Company's credit rating has been downgraded by the agencies as well.
The company reported a whopping Rs 1,323 crore of net loss for the three months to June owing to higher fuel cost and other expenses due to the falling rupee.
12/11/18 ET Now News.com
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According to an Economic Times report, analysts have pegged the airline's losses at up to Rs 2,000 crore for the July-September quarter. It may be noted that the company reported a net profit of Rs 460 crore in the same quarter last year. An analyst told the financial daily, "IndiGo’s losses have anyway set a precedent of sorts for the industry. Jet Airways’ own problems of hurt yields and constantly ballooning costs added to the fact that July-September is the weakest quarter for airlines, makes for a bleak outlook for this Monday for Jet."
Worth mentioning here is that Jet's independent director and a member of the company's audit committee Vikram Singh Mehta resigned recently. The company is going through its worst financial crisis till date. It has delayed salaries, grounded planes, reduced workforce and cut operations to deal with the situations. Company's credit rating has been downgraded by the agencies as well.
The company reported a whopping Rs 1,323 crore of net loss for the three months to June owing to higher fuel cost and other expenses due to the falling rupee.
12/11/18 ET Now News.com
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