Logistics

Jet Airways posts ₹234 crore loss in March quarter

PTI | | Updated on: May 27, 2022

A Jet Airways passenger aircraft takes off from the airport in the western Indian city of Ahmedabad August 12, 2013. Jet recently won a key regulatory approval for its deal to sell a 24 percent stake to Etihad for $379 million, which will be the biggest foreign investment in the Indian civil aviation sector after ownership rules were relaxed. The companies, which need some more approvals, are yet to close the deal. REUTERS/Amit Dave (INDIA - Tags: TRANSPORT BUSINESS) | Photo Credit: AMIT DAVE

Jet Airways, which remains grounded for over two years, on Thursday reported a standalone net loss of ₹233.63 crore for the three months ended March.

The full service carrier had a standalone net loss of ₹107.01 crore in the year-ago period, according to a regulatory filing.

Total income stood at ₹11.63 crore in the latest March quarter compared to ₹17.73 crore in the year-ago period.

Currently, the airline is being managed by a monitoring committee.

"... the monitoring committee 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 team is facing huge difficulty in obtaining relevant data from the said subsidiaries," the filing said.

Jalan-Kalrock consortium won the bid for the airline under the insolvency resolution process. The carrier is in the process of being revived and last week, its air operator certificate was revalidated by aviation regulator DGCA.

The airline was shuttered in April 2019 after being bogged down by financial woes.

Published on May 27, 2022
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