Jet Airways (India) Ltd., India’s oldest private sector carrier, will announce a cost reduction and turnaround plan on August 27, the airline informed stock exchanges.
“The Audit Committee and the Board of Directors at their meeting scheduled to be held on Monday, August 27, 2018, while considering the unaudited financial results for the quarter ended June 30, 2018, will, inter-alia, take up the matters in relation to the cost reduction initiatives and turnaround plan, for which the management had earlier sought time,” Jet said.
On August 9, the company had deferred announcement of quarterly results. On August 17, it informed the exchanges that results would be announced on August 27.
‘Committed to growth’
Recently, the carrier categorically denied any planned lay-offs to reduce costs and said that it was committed to creating a growth-oriented sustainable future for its employees.
“The Indian aviation sector is growing very rapidly and Jet Airways’ firm order of 225 B737-MAX fuel efficient aircraft is a testimony to the airline’s growth ambitions,” a spokesperson for Jet said. “This fiscal year alone, Jet Airways will induct 11 new B-737-MAX. Two of these have already been delivered. In fact, the airline’s envisioned growth at 8-10% CAGR over the next 5 years, will require additional and not lesser people,” the spokesperson added.
“As part of its transformation given the current microeconomics environment, the airline is taking various measures that align its workforce with changing objectives and priorities of its business and harness their performance potential for greater efficiency in operations,” the carrier’s spokesperson said.
