homeaviation NewsJet Airways reports Q2 net loss of Rs 1,297.5 crore as rupee, fuel cost hurts

Jet Airways reports Q2 net loss of Rs 1,297.5 crore as rupee, fuel cost hurts

Jet Airways reports Q2 net loss of Rs 1,297.5 crore as rupee, fuel cost hurts
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By CNBC-TV18 Nov 13, 2018 12:27:38 PM IST (Updated)

Jet Airways reported a net loss of Rs 1,297.5 crore for the second quarter ended September 30, 2018 as against a net loss of Rs 1,323 crore for first quarter of this year. The company had reported a net profit of Rs 49.63 crore for the second quarter of last year.

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The airline said its revenue in the given quarter rose 2.5 percent, at Rs 6161.1 crore versus Rs 6,010 crore.
Jet Airways said its airline fuel expenses rose to Rs 2,419.97 crore as against Rs 1,525.66 crore for the same period of last year and Rs 2,332.49 crore for the first quarter of current fiscal.
Employee remuneration and benefits, however, fell to Rs 803.46 crore as against Rs 816.29 crore in the first quarter ended June 30, 2018.
Jet Airways said, "Loss on account of foreign currency fluctuation for the Quarter and Half year ended 30th September, 2018 is Rs 416.69 crore and Rs  781.31 crore, respectively."
It said, "The Company has incurred a loss during the current quarter and has a negative net worth as at 30th September 2018. Also, current liabilities  exceeds current assets as at 30th September, 2018."
The Company has undertaken various initiatives in relation to saving cost, optimise revenue management opportunities and enhance ancillary revenues. These initiatives are expected to result In Improved operating performance. Further, the Company's continued thrust to improve operational efficiency and Initiatives to raise funds Including monetisation of assets are expected to address uncertainties in relation to generation of sustainable cash flows and ability to repay Its borrowings. Further, Company has engaged the services of experts to help in its turnaround plan encompassing operational improvements building efficiencies and enhance liquidity status, it said.
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