Jet Airways standalone Q4 net loss at Rs 1,036 cr
Wednesday - May 23, 2018 10:52 pm ,
Category : BUSINESS
Jet Airways standalone Q4 net loss at Rs 1,036 cr
Mumbai May 23 (IANS) Airline major Jet Airways on Wednesday 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."
--IANS rv/AHM/
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."
--IANS rv/AHM/
