Jet Airways Q4 net loss at Rs.2,153 crore

Jet Airways Tuesday reported a net loss of Rs.2,153.57 crore for the quarter ended March 31, 2014, due to high fuel and interest costs.

The company had reported a net loss of Rs.495.53 crore for the corresponding period of last fiscal.

For the year ended March 31, 2014, the airline posted a net loss of Rs.3,667.85 crore from a loss of Rs.485.50 crore in the like period of last fiscal.

In terms of consolidated results for the year ended March 31, 2014, the group posted a net loss of Rs.4,129.76 crore from a loss of Rs.779.78 crore.

In a regulatory filing to the Bombay Stock Exchange (BSE), the company said its board has approved the appointment of Cramer Ball as the chief executive officer (CEO) of the airline.

"Gaurang Shetty, director and manager, will continue to lead the company till the requisite approvals are obtained and Ball assumes charge as the CEO of the company," the airline said in a filing.

Ball will come into the place of Ravishankar Gopalakrishnan, who was the acting CEO and chief financial officer till May 2, 2014, when he put in his papers.

Gopalakrishnan had taken over the additional responsibility as CEO following the resignation of ex-CEO Garry Toomey in mid-January.

Three top-level executives have quit the company since Etihad Airways picked up a 24 percent stake in the airline.

Last year, the Abu Dhabi-based airlines became the first foreign passenger carrier to invest in the Indian domestic airways. It bought a 24 percent stake in Jet Airways for Rs.2,069 crore ($380 million).