Jet Airways posts highest ever quarterly loss of Rs.891 crore

Mumbai: In a clear sign that aviation business in current operating environment is making airlines bleed and challenging their balance sheet viability, country's second-largest carrier by way of market share Jet Airways Ltd posted its worst-ever quarterly loss of Rs.891 crore.
High air turbine fuel taxation, increase in aircraft lease rentals, short-term borrowings to keep the business afloat and an increase in trade payables has led to Jet's losses sky rocketing from Rs.100 crore in the corresponding quarter of the previous financial year to Rs.891 crore (standalone losses) this year. It has also widened its loss margins on a quarter-on-quarter basis by 51%. Its Q1 loss for this financial year stood at Rs.355.4 crores.
Airline consultancy firm CAPA has projected heavy losses for all airlines for the second quarter. It estimates total losses in excess of $500 million (Rs.30 billion), with LCCs estimated to have lost $120-130 million and full service airlines over $400 million.
Read News In full 23/10/13 Manisha Singhal/India Today