Jet sees worst quarterly loss of Rs 891 cr
New Delhi: Owing to a slowdown in travel industry and a weaker rupee, Jet Airways posted its biggest ever quarterly loss for the July-September quarter. India's second-biggest airline by marketshare said its net loss for
New Delhi: Owing to a slowdown in travel industry and a weaker rupee, Jet Airways posted its biggest ever quarterly loss for the July-September quarter. India's second-biggest airline by marketshare said its net loss for the said quarter widened more than eight times year-on-year to Rs 891.01 crore.
This is for the third consecutive time that the company is posting loss. Earlier, Jet's biggest net loss was Rs 713 crore during July-September, 2011.
Sales during the just-ended quarter rose less than a percent to Rs 3,788.2 crore. Jet said its yield per passenger rose 11% to Rs 8,335. Its number of passengers rose by 12% while total departures rose by 6%, it added.
The airline blamed the record quarterly loss on “lean season and economic slowdown” leading to drop in yields.
It said during the quarter, jet fuel prices rose 8 per cent on a Y-o-Y basis. In contrast, Indian carriers have hiked fares only in September but a majority of tickets for travel in that month were sold earlier at lower fares.
This is for the third consecutive time that the company is posting loss. Earlier, Jet's biggest net loss was Rs 713 crore during July-September, 2011.
Sales during the just-ended quarter rose less than a percent to Rs 3,788.2 crore. Jet said its yield per passenger rose 11% to Rs 8,335. Its number of passengers rose by 12% while total departures rose by 6%, it added.
The airline blamed the record quarterly loss on “lean season and economic slowdown” leading to drop in yields.
It said during the quarter, jet fuel prices rose 8 per cent on a Y-o-Y basis. In contrast, Indian carriers have hiked fares only in September but a majority of tickets for travel in that month were sold earlier at lower fares.