A sharp rise in fuel cost coupled with a sliding rupee pushed Jet Airways deeper into the red for the fifth quarter in a row with the combined losses soaring 140 per cent to Rs.298.10 crore in the quarter ended March 31, 2012. The losses negated a healthy 24.3 per cent increase in total income, which stood at Rs.4,638.9 crore during the period. The airline saw its fuel bill jumping 42.4 per cent to Rs.1,822.50 crore from Rs.1,279.70 crore in the year-ago period.
The Jet Group, on Thursday, reported an operating profit of Rs.412.40 crore for the reporting quarter, which it described as a ‘challenging environment' marked by a massive spike in fuel cost and a doddering rupee. Commenting on the results, Jet Group Chief Executive Nikos Kardassis said, “the rupee depreciation and high fuel prices have impacted the quarterly results.”