Jet Airways (India) advances after declaring Q1 result

Jet Airways (India) rose 2.11% to Rs 287.50 at 12:58 IST on BSE after the company declared its Q1 June 2018 result after market hours yesterday, 27 August 2018.

Meanwhile, the S&P BSE Sensex was up 199.84 points, or 0.52% to 38,893.95

On the BSE, 11.33 lakh shares were traded in the counter so far compared with average daily volumes of 8 lakh shares in the past two weeks. The stock had hit a high of Rs 290.95 and a low of Rs 272 so far during the day. The stock had hit 52-week low of Rs 261.60 on 10 August 2018. The stock hit a 52-week high of Rs 883.65 on 5 January 2018.

Jet Airways (India) reported net loss of Rs 1323 crore in Q1 June 2018 as compared to net profit of Rs 53.50 crore in Q1 June 2017. Total income rose 1.9% to Rs 6066.91 crore in Q1 June 2018 over Q1 June 2017.

Macroeconomic factors led by an increase in Brent fuel price by more than 36%, a depreciating rupee and the resulting mismatch between high fuel prices and low fares primarily undermined Jet Airways' performance in the quarter.

Significantly, the board also considered various cost cutting measures, debt reduction and funding options, including infusion of capital, monetization of assets including the company's stake in its loyalty programme.

Jet Airways (India) is India's premier international airline, currently operates flights to 66 destinations, including India and overseas. Beyond India, the company operates flights to key international destinations in South East Asia, South Asia, Middle East, Europe and North America.

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