NEW DELHI: Jet Airways reported its fourth consecutive quarterly loss on Thursday as it battles a monetary crunch because of upper oil costs and intense pageant at home. The airline made a internet loss of Rs 588 crore ($83 million) for the three months ended December 31, when compared with a profit of Rs 165 crore a yr earlier.
Revenue from operations stood at Rs 6,148 crore in the December quarter towards Rs 6,086 crore posted in the same length final yr, the service said in a commentary to exchanges.
Total bills in the 3rd quarter shot up to Rs 6,786.15 crore as compared to Rs 6,042.58 crore in the same quarter final fiscal.
Aircraft fuel bills stood at Rs 2,387.72 crore as compared to Rs 1,840.08 crore in the corresponding length final yr, whilst plane and engines hire rentals had been at Rs 730.35 crore as towards Rs 583.67 crore.
Jet additionally said that its board had approved a plan by lenders, led by State Bank of India (SBI), that will give the debt-laden Indian airline funding a very powerful for its survival.
"The BLPRP (Bank Led Provisional Resolution Plan) currently estimates a funding gap of Rs 8,500 crore (including proposed repayment of aircraft debt of Rs 1,700 crore) to be met by appropriate mix of equity infusion, debt restructuring, sale / sale and lease back/ refinancing of aircraft, among other things," the corporate said in every other commentary.
Jet, saddled with over $1 billion in debt, had a rough 2018 as pageant intensified in the Indian airline marketplace, the rupee depreciated and prime oil costs squeezed margins.
The airline will search approval from its shareholders at a meeting on February 21 for conversion of its debt into 114 million stocks. It recently has 113.6 million stocks on issue. The plan gives lenders the power to nominate nominees to the airline's board.
Jet said that when its approval the plan will likely be introduced back to the lenders, as well as to an overseeing committee of the Indian Bankers' Association, the board of shareholder Etihad Airways and Jet's founder and chairman Naresh Goyal.
Abu Dhabi's Etihad, which owns 24 in line with cent of Jet, bailed out the Indian airline in 2013, paying $600 million for a 24 in line with cent stake in Jet, 3 take-off and touchdown slots in London Heathrow and a majority share in Jet's common flyer programme.
(With company inputs)
Revenue from operations stood at Rs 6,148 crore in the December quarter towards Rs 6,086 crore posted in the same length final yr, the service said in a commentary to exchanges.
Total bills in the 3rd quarter shot up to Rs 6,786.15 crore as compared to Rs 6,042.58 crore in the same quarter final fiscal.
Aircraft fuel bills stood at Rs 2,387.72 crore as compared to Rs 1,840.08 crore in the corresponding length final yr, whilst plane and engines hire rentals had been at Rs 730.35 crore as towards Rs 583.67 crore.
Jet additionally said that its board had approved a plan by lenders, led by State Bank of India (SBI), that will give the debt-laden Indian airline funding a very powerful for its survival.
"The BLPRP (Bank Led Provisional Resolution Plan) currently estimates a funding gap of Rs 8,500 crore (including proposed repayment of aircraft debt of Rs 1,700 crore) to be met by appropriate mix of equity infusion, debt restructuring, sale / sale and lease back/ refinancing of aircraft, among other things," the corporate said in every other commentary.
Jet, saddled with over $1 billion in debt, had a rough 2018 as pageant intensified in the Indian airline marketplace, the rupee depreciated and prime oil costs squeezed margins.
The airline will search approval from its shareholders at a meeting on February 21 for conversion of its debt into 114 million stocks. It recently has 113.6 million stocks on issue. The plan gives lenders the power to nominate nominees to the airline's board.
Jet said that when its approval the plan will likely be introduced back to the lenders, as well as to an overseeing committee of the Indian Bankers' Association, the board of shareholder Etihad Airways and Jet's founder and chairman Naresh Goyal.
Abu Dhabi's Etihad, which owns 24 in line with cent of Jet, bailed out the Indian airline in 2013, paying $600 million for a 24 in line with cent stake in Jet, 3 take-off and touchdown slots in London Heathrow and a majority share in Jet's common flyer programme.
(With company inputs)
Jet Airways posts Rs 588 crore loss in Q3; board approves lenders' rescue package
![Jet Airways posts Rs 588 crore loss in Q3; board approves lenders' rescue package]()
Reviewed by Kailash
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February 14, 2019
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