Jet Airways reports $35 million loss in first quarter

Tags: News
Jet Airways Ltd, India's no. 2 airline by market share, said on Monday it lost 2.18 billion rupees ($35.6 million) during the three months to end-June, less than a year earlier after its revenues rose and financing costs fell.

The airline, 24 percent owned by Abu Dhabi's Etihad Airways, has now reported six straight quarters of losses, as it grapples with high costs, low fares and fierce competition in its home market.

Last year Jet reported a 3.55-billion-rupee loss for its first quarter.

Despite fast-growing demand for air travel, all but one of India's largest four airlines are losing cash.

Jet Airways, which has not reported an annual profit since 2007, is betting on cost cuts and the launch of more international routes to return it to profitability by 2017.

EDITORIAL OF THE DAY

  • Government’s job is to build a transparent and strong policy frame work for the banking system

    As reported by this paper in its Monday edition, government is unlikely to play any role in resolution of issues between banks and borrowers.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust: Islam’s dance of death

It is a short walk between victim hood and blood ...

M S Swaminathan

Green revolution@50

The green revolution was a transformational event changing our agricultural ...

Kuruvilla Pandikattu

Power demands its price, too

An epoch breaking book written by Israeli author professor Yuval ...