Stocks

Jet Airways wipes off early losses

BL Internet Desk Aug 28 | Updated on August 28, 2018 Published on August 28, 2018

Shares of Jet Airways (India) Ltd plunged as much as 3.76 per cent to Rs 271.65 intraday as the impact of a fuel price hike and the falling rupee weighed heavily on the carrier’s financial performance.

However, the shares wiped off their early losses and were trading up by 2.29 per cent at Rs 288.25 on the BSE. On the NSE, the stock was up 1.77 per cent at Rs 287.25.

The airline clocked a net loss of Rs 1,323 crore compared with a profit of Rs 53 crore in the same quarter last year.

Fuel expense, which was about 31 per cent of the company’s total expenses during the quarter, shot up by as much as 52 per cent to Rs 2,332 crore from Rs 1,524 crore last year.

The airline was also unable to capitalise on the booming domestic aviation market and saw just 1.9 per cent rise in its revenues in the April-June quarter to Rs 6,067 crore from Rs 5,954 crore last year.

Jet Airways stock had fallen 66.07 per cent this year as of last close.

Published on August 28, 2018
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