A sharp rise in fuel
cost coupled with a sliding rupee pushed Jet Airways deeper into the red for
the fifth quarter in a row with the combined losses soaring 140 per cent to
Rs.298.10 crore in the quarter ended March 31, 2012. The losses negated a
healthy 24.3 per cent increase in total income, which stood at Rs.4,638.9 crore
during the period. The airline saw its fuel bill jumping 42.4 per cent to
Rs.1,822.50 crore from Rs.1,279.70 crore in the year-ago period.
The Jet Group, on
Thursday, reported an operating profit of Rs.412.40 crore for the reporting
quarter, which it described as a ‘challenging environment' marked by a massive
spike in fuel cost and a doddering rupee. Commenting on the results, Jet Group
Chief Executive Nikos Kardassis said, “the rupee depreciation and high fuel
prices have impacted the quarterly results.”
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