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Jet Airways cuts Q1 loss

Jet Airways reduced its losses by 26 per cent to Rs 258 crore in the first quarter of FY15 from Rs 348.50 crore in corresponding year-ago quarter, on the back of increased fleet utilisation and improved yields.

Revenue rose 12.8 percent to Rs 5,040.10 crore in the quarter under review, from Rs 4,469.30 crore in first quarter of the last financial year.

Yield, too, was up 1.8 per cent, as the business plan to reshape the airline and the benefits of the partnership with Etihad Airways took hold, the airline said in a statement.

Jet Airways said its growing international operations helped increase foreign exchange earnings as well as offset rupee depreciation.

The airline’s results improved as none of its aircraft was grounded. Aircraft on ground had resulted in higher losses in the year-ago quarter.

Jet Airways chairman Naresh Goyal said: “We are taking stringent measures to operate in an industry, which continues to face tough challenges.”

He added that the airline’s first priority is to establish a more solid financial foundation. “In this regard, the company has already taken a series of measures to retire high cost debt and reduce borrowing costs.”

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