Jet Airways reports loss of Rs390 crore in the June quarter

12 Aug 2022 , 08:36 AM

On August 11, Jet Airways announced a stand-alone net loss of Rs390.1 crore for the three months that ended in June. This figure was more than twice what it had revealed for the same time last year. The full-service airline disclosed a loss of Rs129 crore for the quarter ending in April-June of last year.

According to the airline’s regulatory statement to the BSE, the bankrupt carrier’s revenue from operations decreased by 83 % to Rs12.53 crore during the quarter under review. As Jet Airways recalled its aircraft and began testing them to resume operations in India, the company’s income fell mostly as a result of fewer proceeds from aircraft leases.

Additionally, Jet Airways has begun the process of hiring pilots for Boeing 737NG and 737Max aircraft as well as Airbus A320 aircraft. In the June quarter, the airline’s overall revenue was Rs13.10 crore, down from Rs75.01 crore in the corresponding time last year.

The airline has failed to place an order for aircraft with either European aircraft manufacturer Airbus or American aerospace giant Boeing despite receiving an air operator certificate from aviation regulator DGCA on May 20. The airline plans to resume regular business operations during the current quarter that concludes in September.

A group of lenders led by the State Bank of India (SBI) filed an insolvency case in June 2019 to recover unpaid debts of more than Rs8,000 crore. Financial difficulty drove Jet Airways, which operated for more than 20 years, to halt operations on April 17, 2019.