Jet Airways Q4 loss at Rs 1,036 cr on oil price rise, weak Re

Naresh Goyal-promoted Jet Airways today reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee.

The company had reported a net profit of Rs 602.42 crore in the year-ago period, according to the BSE filing.

The total income also declined by 3.44 per cent to Rs 6,055 crore during the quarter, against Rs 6,271.21 crore in the same quarter last year, as per the filing.

Fuel expenses rose by 31 per cent to Rs 2,063.34 crore, against Rs 1,282.41 crore.

"Financial performance during the quarter was weaker due to the continuing increase in the price of Brent fuel without a corresponding increase in air fares, as well as mark-to-market adjustments due to a weaker rupee," Jet Airways chief executive officer Vinay Dube said in a press release.

The airline saw an year-on-year increase in fuel prices of Rs 366 crore, and mark-to-market adjustment due to weaker rupee of Rs 156 crore in the quarter, against a gain of Rs 54 crore in Q4 FY17, it said in a release.

For financial year 2017-18, the airline reported a standalone net loss of Rs 767.62 crore, against a net profit of Rs 1,482.52 crore, according to the filing.

"The challenges notwithstanding, we are resolutely focused on undertaking numerous steps to create a healthier business by maintaining a relentless focus on lowering costs, increasing operational reliability as well as rejuvenating the customer experience, as part of our ongoing transformation," he added.

However, the airline in the release claimed that, "The company reported a net loss of Rs 1,040 crore in Q4 FY18 versus a profit of Rs 583 crore in the March quarter of FY17."