Jet Airways reports $35 million loss in first quarter

NEW DELHI (Reuters) - Jet Airways Ltd , India's no. 2 airline by market share, said on Monday it lost 2.18 billion rupees ($35.6 million) during the three months to end-June, less than a year earlier after its revenues rose and financing costs fell.

The airline, 24 percent owned by Abu Dhabi's Etihad Airways, has now reported six straight quarters of losses, as it grapples with high costs, low fares and fierce competition in its home market.

Last year Jet reported a 3.55-billion-rupee loss for its first quarter.

Despite fast-growing demand for air travel, all but one of India's largest four airlines are losing cash.

 

Jet Airways, which has not reported an annual profit since 2007, is betting on cost cuts and the launch of more international routes to return it to profitability by 2017.

(1 US dollar = 61.1700 Indian rupee)

(Reporting by Tommy Wilkes; Editing by Sunil Nair)