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Jet Airways has reported a net loss for the third consecutive quarter due to higher crude prices, a weaker rupee and competitive tariffs. The flyer has reported a net standalone loss of Rs 1,297 crores for the September-end quarter of the current fiscal.
According to airline’s regulatory filing, the loss would have been wider if not for the one-off revenue of Rs 111 crores related to an expected refund from a lessor towards maintenance contract. The first six months of the financial year 2018-19 has witnessed a net loss of Rs 2,620 crores.
The airliner has lost nearly equivalent to its current market capitalisation of Rs 2,750 crores. Around 70 per cent of the market value of the airliner has been swept away from the beginning of this year.
However, Jet Airways revenue for the said quarter increased by 10 per cent year-on-year basis to Rs 6,161 crores. But Jet Airways yield, which measures average earnings per passenger per kilometre, declined 6 per cent to Rs 4.18.
EBITDA (earnings before interest, tax, depreciation and amortisation) and rental cost stood at negative Rs 346 crore due to higher foreign exchange losses, maintenance costs and fuel expenses. Due to continued losses, Jet’s total liabilities rose 18 per cent to Rs 22,671 crore.
