Jet Airways slumps on highest ever loss in Q4

Shares of Jet Airways were down over 5% at Rs 254 after the private airline major reported its highest ever consolidated loss of Rs 2,465 crore in the fourth quarter ended March 31, 2013.

At Rs 4,129 crore, Jet’s annual loss in 2013-14 was second only to Air India’s estimated Rs 5,400-crore loss last financial year. The loss was in spite of a Rs 2,057-crore equity infusion by Abu Dhabi-based Etihad Airways, which took a 24 per cent stake in the Indian airline last year.

In the March quarter, Jet Airways’ loss on a standalone basis was Rs 2,153 crore, while its subsidiary JetLite reported a Rs 312-crore loss. The parent company’s standalone loss included the Rs 700-crore impairment it took on account of JetLite’s continuing losses and networth erosion. The airline company’s consolidated loss had stood at Rs 743 crore in the same quarter the previous year.

The stock opened at Rs 244 and hit a high of Rs 254 on the BSE. Over 261,000 shares were traded on both the stock exchanges so far.