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Aviation

Jet Airways posts Q3 net loss at Rs 587.8 crore; board approves debt resolution plan

Updated : February 15, 2019 09:52 PM IST

The carrier said revenue from operations during the quarter under review stood at Rs 6,147.98 crore as against Rs 6,086.20 crore in the year-ago period.

Total expenses in the third quarter shot up to Rs 6,786.15 crore as compared to Rs 6,042.58 crore in the same quarter last fiscal, it added.

Crisis-hit Jet Airways on Thursday reported a net loss of Rs 587.8 crore for the third quarter ended December 2018 on higher oil prices and intense competition at home.

In the corresponding quarter last year, the company posted a net profit of Rs 165.2 crore.

The carrier said revenue from operations during the quarter under review stood at Rs 6,147.98 crore as against Rs 6,086.20 crore in the year-ago period.

Total expenses in the third quarter shot up to Rs 6,786.15 crore as compared to Rs 6,042.58 crore in the same quarter last fiscal, it added.

Aircraft fuel expenses stood at Rs 2,387.72 crore as compared to Rs 1,840.08 crore in the corresponding period last year, while aircraft and engines lease rentals were at Rs 730.35 crore as against Rs 583.67 crore.

Domestic revenue stood at Rs 2,560.44 crore, down from Rs 2,749.05 crore in the same quarter last fiscal, while the same for international operations was also down to Rs 3,587.54 crore as against Rs 3,337.15 crore, the filing added.

According to the airline, the board had approved Bank Led Resolution Plan (BLPRP) under the provisions of RBI February 12 circular. The BLRP currently estimates the funding gap of Rs 8,500 crore, including proposed repayment of Rs 1,700 crore debt.

The funding requirement to be met by a mix of equity infusion, debt restructuring, sale & leaseback/refinancing of aircraft among other things and the implementation of BLPRP will take place under the guidance of a monitoring agency.

In the next stage, the BLPRP will be presented to lenders consortium, overseeing a committee of the Indian Bankers' Association (IBA), the board of directors of Etihad Airways and the promoter of Jet Airways for consideration.

After receiving approval from shareholders at their meeting scheduled to be held on February 21, BLPRP proposes to convert lenders debt into 11.40 crore shares of Rs 10 each, which will result in lenders becoming largest shareholders of Jet Airways. The allotment of 11.40 crore shares will be made at an aggregate consideration of Rs 1 as per RBI February 12 circular.

If the shareholders approve the plan, lenders will hold 52 percent, founder and chairman Naresh Goyal 25.5 percent and Etihad Airways 12 percent in Jet Airways.

Further, Jet Airways said it's in the process of implementing a comprehensive turnaround plan by focusing on operational improvements through revenue enhancement and cost containment, refocusing on network and fleet and resizing the business model, building efficiencies and balance sheet restructuring to ensure solvency through sustainable cash flows, company said in a regulatory filing.

Shares of Jet Airways settled at Rs 225.80 apiece, up 0.98 percent on the BSE.

(With inputs from PTI)

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