Jet Airways (India) has reported a higher net loss of Rs.495.5 crore for the fourth quarter ended March 31, 2013, as compared to Rs.298 crore in the corresponding period in the previous year.

This was due to higher fuel cost and depreciation of the rupee against the U.S. dollar, the company said. Total income came down to Rs.3,990.5 crore from Rs.4,092.7 crore.

For the year ended March 2013, the company posted a lower net loss of Rs.485.5 crore as compared to a net loss of Rs.1,255.3 crore in the previous year. Total income increased by 13 per cent to Rs.17,068.7 crore.

Jet Lite

The airline’s 100 per cent subsidiary Jet Lite has reported a net loss of Rs.248.9 crore for the fourth quarter as compared to a net loss of Rs.56.4 crore in the corresponding period in the previous year.

This was on a total income of Rs.493.4 crore against Rs.541.5 crore. Thus, Jet Airways and Jet Lite reported a combined net loss of Rs.744.4 crore for the fourth quarter as compared to a net loss of Rs.354.4 crore in the year-ago period.

For the year ended March 31, 2013, Jet Lite reported a net loss of Rs.295.3 crore as against a net loss of Rs.184 crore in 2011-12. This was on a total income of Rs.2,011.4 crore against Rs.1,903.9 crore.

For the full year, both the airlines reported a combined net loss of Rs.780.8 crore as compared to Rs.1.439.3 crore net loss in the previous year.

“Sluggish economic scenario and high yields have resulted in decrease in market demand and capacity. Rupee depreciation, high fuel prices, increase in landing and navigation costs and impact of onetime cost and aircraft on ground has impacted the quarterly results,” Hameed Ali, acting Chief Executive Officer, Jet Airways (I) Ltd said,.

Meanwhile, shareholders of Jet Airways (India), at an extraordinary general meeting (EGM) on Friday, approved the preferential allotment of 2,72,63,372 equity shares amounting to 24 per cent stake for Rs.2,060 crore to Etihad Airways PJSC as per the investment agreement signed on April 24, 2013 between the two airline companies.

“The preferential allotment of shares is subject to the fulfilment of certain conditions,” the company said.At present, the CCI and the Securities and Exchange Board of India (SEBI) are looking into the deal and SEBI has sought several clarifications on the share purchase agreement entered into by the parties. The company, however, deferred a proposal to amend its Article of Association, approval for which was also scheduled to be sought at the EGM.

Jet Airways shares closed with a loss of 3.69 per cent at Rs.562.70 on the BSE on Friday. The airline has also reported a bulk deal of 2,51,48,451 shares changing hands involving Rs.1,433.46 crore at the rate of Rs.570 per share.