Jet Airway’s posts Rs.123.2 crore net loss in Q1

July 22nd, 2011 - 9:40 pm ICT by IANS  

New Delhi, July 22 (IANS) Private carrier Jet Airways Friday reported a net loss of Rs.123.2 crore in the first quarter of the current fiscal.

“Loss after tax INR 1,232 million or US$ 27.6 million vs profit of INR 35 million or US$0.8 million,” the company said in a statement.

According to the statement, the company’s revenues in the first quarter grew by 18.5 percent at Rs.3,582.4 crore as against Rs.3,023.2 crore in the like period of the last fiscal.

“Revenue of INR 35,824 million or US$ 801 million versus INR 30,232 million or US$ 651 million; up 18.5 percent,” the statement said.

Fuel costs in the quarter under review jumped 57 percent at Rs.1,563.7 crore as compared to Rs.995.9 crore.

“Fuel rates increased by 39 percent as compared to the same period last year and by 12 percent as compared to Q4FY11. The fuel costs for the group were 42 percent of the total costs in Q1 FY2012 versus 34 percent in Q1 FY2011,” the statement said.

The company’s low-cost carrier (LCC) JetLite reported a net loss of Rs.5.3 crore, whereas the LCC had posted a profit of Rs.4.9 crore in the corresponding quarter of last fiscal.

“Loss after tax INR 53 million or (US $ 1.2) million versus profit of INR 49 million or US $ 1.1 million,” the statement said.

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