Jet Airways posts loss of Rs 123 cr in Q1

Private air carrier Jet Airways today reported a loss of Rs 123.16 crore for the first quarter ended June 30.

The company had a profit of Rs 3.52 crore in the year-ago period.

Total income of the carrier, however, rose by 19.44% to Rs 3,541.60 crore during the period. It was Rs 2,965.01 crore in the corresponding period of the last fiscal, Jet Airways said in a filing to the Bombay Stock Exchange.

The company said that high aviation turbine fuel prices continued to put pressure on its margins, so to improve operating results it was working on cost control measures.

"Continued high crude oil prices in the international market, not matched by increase in fares, the company could not sustain its profitable performance," Jet Airways said.

Jet Airways further said that it was exploring options to raise resources from the market to ensure sustained cash flow.

"The company continues to explore options to raise finances to meets its various short- and long-term obligations. These measures would result in sustainable cash flows," it said.

The shares of the company closed at Rs 499.05, up 2.36% from previous close on the BSE.