Menu
Search

Jet Airways' standalone Q4 net loss at Rs 1,036 cr,

Thursday, May 24, 2018
29
Separator
25
Separator
53
Separator
11
Separator
Print Print Email Email

Airline major Jet Airways reported a standalaone net loss of Rs 1,036 crore for the fourth quarter of 2017-18.

According to the airline, its standalone net loss during the quarter under review stood at Rs 1,036 crore from a net profit of Rs 602.42 crore reported for the corresponding period of 2016-17.

In terms of financial year, Jet Airways reported a standalone net loss of Rs 767.62 crore from a net profit of Rs 1,482.52 crore reported for the previous fiscal. 

On a consolidated basis, the automobile major reported a net loss of Rs 636.45 crore in 2017-18 from a net profit of Rs 1,498.68 crore in 2016-17.

"Financial performance during the quarter was weaker due to the continuing increase in the price of Brent fuel without a corresponding increase in air fares, as well as mark-to-market adjustments due to a weaker rupee," Jet Airways CEO Vinay Dube was quoted as saying in a statement. 

"The challenges notwithstanding, we are resolutely focused on undertaking numerous steps to create a healthier business by maintaining a relentless focus on lowering costs, increasing operational reliability as well as rejuvenating the customer experience, as part of our ongoing transformation."

Read more news:

With $2 Million Series A, OPTIMOZ Gears-up to Transform the Way Software Is Developed & Delivered


Source: IANS
Write your comment now
Submit Reset
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Captcha
Type the characters you see in the picture
  Submit