Jet Airways has pared its net loss for the first quarter ended June 30, 2014 to Rs 258 crore as it managed to fly more passengers and improve its performance on all major operational parameters.
The city-based company had reported a net loss of Rs 348.5 crore in the corresponding year ago quarter. Revenue went up by 12.8 per cent to Rs 5040.1 crore (Rs 4469.3 crore).
“We are taking stringent measures to operate in an industry which continues to face tough challenges, and while there are no short-term solutions, I am very pleased with the demonstrable progress we have made in several areas,” said Naresh Goyal, Chairman of Jet Airways.
The company had posted its highest-ever net loss of Rs. 2,154 crore in the fourth quarter ended March 31 because of higher operating expenditure and exceptional costs.
Ahead of the results announcement, the Jet Airways scrip hit its intra day high of Rs 249.95 before closing at Rs 246.25, 0.78 per cent higher than the previous day’s close on the Bombay Stock Exchange.