Jet's Board to consider Q1 results on Monday

Jet Airways on Wednesday said that its Board will consider the unaudited financial results for the quarter ended June 30, 2018 on August 27.

According to a BSE filing, the "Audit Committee and the Board of Directors"

will, inter-alia, take up the matter in relation to the cost reduction initiatives and turnaround plan.

The airlines management had earlier sought time and deferred the consideration of unaudited financial results for the first quarter of the current financial year 2018-19.

On August 9, the company in a BSE filing said: "...Board of Directors of the Company, at its meeting held today (Thursday), deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018."

"It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters," it added.

Recently, the airline said that it is regular in all its payment obligations to bank and statutory dues including PF obligations.

It had pointed out that no differences of opinion existed between the company and its statutory auditors and that the airline has been working on various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee.

--IANS

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