Jet Group, which includes Jet Airways (India) Ltd. and JetLite, has reported a net loss of Rs.998.5 crore for the second quarter ended September 30, 2013, as compared to a net loss of Rs.166 crore in the same period last year.
On a standalone basis, Jet Airways reported a net loss of Rs.891 crore as compared to a net loss of Rs.99.7 crore in the same period last year.
The losses were on account of depreciation in value of the rupee, and overall slowdown in the economy, the airline group said.
During the quarter, Jet Group’s operating revenue increased by 1 per cent to Rs.4,608 crore from Rs.4,563 crore. Passenger yields decreased by 11 per cent to Rs.7,376 from Rs.8,335, it said.
Grounding of aircraft impacted the airline Rs.123 crore during the quarter. Now Jet Airways planned to lease out the surplus aircraft in its fleet, the airline said. During the quarter its fuel cost increased by 8 per cent, it added. “Indian aviation industry witnessed increasing cost challenges mainly due to the rupee depreciation against the U.S. dollar, high fuel prices and increase in airport charges in certain stations putting pressure on the bottom line,” Gary Toomey, Chief Executive Officer (CEO), Jet Airways India, said. Mr. Toomey took over recently.
“In the current scenario, Jet Airways has managed to remain competitive through series of planned steps, including discontinuing loss-making routes and stringent cost control measures. The ongoing initiatives will augur well for the airline’s performance in the quarters to come,” he added. On the outlook, Jet Airways said that the third quarter would witness improvement in yield due to the peak season.
