Jet Airways has reported a standalone net loss of ₹268 crore for the third quarter ended December 31, 2103, due to high operating costs, a weak rupee and non-operational aircraft.
The country’s second largest carrier had recorded a net profit of ₹85 crore in the corresponding year-ago period.
The Mumbai-based airline, which is 24 per cent owned by Etihad Airways, had reported a higher net loss of ₹891 crore in the September-quarter.
On a year-on-year basis, revenue was up by 7.8 per cent to ₹4,536 crore (₹4,206 crore)
The company said that high fuel prices and increase in airport charges led to increased operating expenditure. Fuel costs, which typically account for over 40 per cent of an airline’s operating expenditure, went up by 10.6 per cent on a year-on-year basis, the company said. Moreover, the depreciating Indian rupee is a major cause for concern as 70 per cent of the costs are in dollar terms for Indian carriers.
Instances of ‘aircraft on ground’ had a negative impact of Rs 106 crore, the airliner said. The company said it would either lease out or sell its surplus aircraft in the coming quarter.
For Q4, the company has painted a pessimistic picture. “Q4 is expected to be muted on account of both yields and seat factors. Rupee depreciation versus dollar continues to be a cause of concern,” it said in a press statement.
The company’s results were announced after market hours. On Friday, Jet shares closed at ₹228.5 a share, down 2.54 per cent over the previous close, on the Bombay Stock Exchange.