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Jet Airways records loss of Rs 5536 cr in FY19

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The air carrier reported a standalone net loss of Rs 5,535.75 crore in the year ended March 2019 (FY19), higher than net loss of Rs 767.62 crore in the year ended March 2018 (FY18).

Total income declined 2.7% to Rs 23,314.11 crore in FY19 from Rs 23,958.37 crore in FY18.

Total expenses jumped 13.8% on a year-on-year (YoY) basis to Rs 28,141.61 crore due to higher aircraft fuel expenses (up 24.8% YoY), higher aircraft and engines lease rentals (up 18.4% YoY), higher finance costs (up 16.5% YoY) and higher other expenses (up 20.2% YoY).

Among the other expenses, the airline's non-claimable GST jumped to Rs 397 crore in FY19 from Rs 63.72 crore in FY19. Forex losses surged to Rs 448.08 crore in FY19 from Rs 47.06 crore in FY18.

Ashish Chhawchharia, resolution professional (RP) for Jet Airways (India), said that this is to bring to your notice that the resolution professional is not in a position to provide the consolidated financial results, as the subsidiaries of the company are separate legal entities, also currently non-operational and the RP is facing huge difficulty in obtaining relevant data from the said subsidiaries.

Shares of Jet Airways hit a lower circuit of 5% at Rs 29.10 on the BSE.

Jet Airways is debt ridden non operational airline company. The airline had grounded its operations in April 2019, after it ran out of money to meet its debt repayment obligations. It was admitted for insolvency on 20 June 2019, after lenders failed to sell the grounded airline.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 29 2020. 11:44 IST