Jet’s fourth quarter loss widens, shareholders approve Etihad deal

Updated - November 16, 2021 09:53 pm IST

Published - May 24, 2013 12:41 pm IST - Mumbai

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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.