Tuesday, November 13, 2018

Jet Airways suffers loss of Rs 1,297 crore in Q2, reports negative net worth

Jet Airways on Monday reported a loss of Rs 1,297.46 crore for the quarter ended September 30 against a profit of Rs 49.63 crore in the corresponding quarter last year.

Revenue of the airline, however, increased to Rs 6,161.15 crore during the quarter against Rs 5,626.61 crore in the same period last year.

Total expenditure of Jet Airways increased to Rs 7,534 crore in Q2FY19 over Rs 5,708.55 crore in Q2FY18.

Aircraft fuel expenses jumped to Rs 2,419.76 crore from Rs 1,525.66 crore during the same period. Aircraft and engine lease rentals increased to Rs 684.33 crore from Rs 575.15 crore during the quarter under review.

The company in a statement said it has incurred a loss during September quarter and has a negative net worth as of September 30. Also, current liabilities exceeded current assets, it added.
12/11/18 Economic Times