Jet Airways Q4 net loss widens to Rs 495.53 cr

Jet Airways today reported a net loss of Rs 495.53 crore for the fourth quarter ended March 31, 2013 compared to loss of Rs 298.12 crore in the same period year-ago.

Total income from operations declined to Rs 3,921.92 crore in the March quarter from Rs 4,041.61 crore in the year ago period, Jet Airways said in a filing to the BSE.

For the full year ended March 31, 2013, the airline reported a net loss of Rs 485.50 crore against Rs 1,236.1 crore in the same period last year.

Shares of the company ended the day 3.69% lower at Rs 562.70 on the BSE.

Meanwhile, shareholders of Jet Airways today approved the sale of 24% stake to Abu Dhabi-based Etihad, with the Indian carrier's Chairman Naresh Goyal saying that the deal will improve profitability, reduce costs and lower the debts.

At the airline's Extra Ordinary General Meeting (EGM) today, shareholders approved the proposed issue of shares on a preferential basis to Etihad. The shares will be allotted after receiving regulatory approvals.

As part of the deal, Etihad will acquire 24% stake in Jet Airways for about Rs 2,058 crore. The deal marks the first investment by a foreign carrier in an Indian airline since the change in the country's FDI policy last September.