Jet Airways reports loss for third straight quarter
MUMBAI: Jet Airways reported its third straight quarterly loss, but bettered analysts estimates by reining it below Rs 2,000 crore.
The airline, however, didnt say much on the most crucial aspect its investors are waiting to hear about: fundraising.
Indias second-biggest airline by market share posted a net loss of Rs 1,292 crore for July-September from a net profit of Rs 46 crore a year earlier.
An average of estimates of three analysts had pegged the airlines loss for the quarter at Rs 2,000 crore.
Revenue for the airline grew 10 per cent to Rs 6,161 crore. Fuel expenses, an airlines biggest cost chunk, grew 59 per cent to Rs 2,420 crore.
Jets available seat kilometers were up 7.3 per cent at 15.28 billion over Q2, FY18 while passengers carried increased by 2.2 per cent to 7.45 million over Q2, FY18.
“In spite of currency devaluation, Jet Airways managed to maintain its non-fuel CASK (cost per available seat kilometer or a measure of per seat cost) for the quarter at almost the same level as last year (Q2 FY18), and in fact, excluding the foreign exchange impact, the CASK is better by 4.2% versus last year (Q2 FY18), reflecting the organisations efforts to reduce costs across its entire business spectrum,” Jet said in a statement.
Jet said that going by its cost reduction plan it has already realized cost saving of over Rs 500 crore in the first half of this fiscal year.
“The airline continues to engage with financial stakeholders for supporting its funding requirements till it starts generating operational surplus and is actively working on the monetization of its assets and capital infusion,” it said without elaborating.