Stock Market

Jet Airways gains 1% despite Rs 1,323 crore Q1 loss

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NEW DELHI: Shares of Jet Airways slipped over 3 per cent early Tuesday after the aviation company reported a whopping Rs 1,323 crore net loss for the three months to June.

However, the share recouped losses to gain a per cent.

The scrip was trading at 284.70 apiece, up 0.87 per cent. The loss is mainly due to higher fuel cost and other expenses caused by a falling rupee. The ongoing cash crunch has forced the airline to embark on a Rs 2,000-crore cost cutting drive and stake sale in its loyalty programme -- Jet Privilege -- as part of capital infusion. The airline, which publicly admitted to cash flow issues, had posted a net profit of Rs 53.50 crore in the year-ago period. Brokerage firm SBICAP maintained ‘Hold’ on Jet Airways with a target price of Rs 335.

“Pressure on yields and PLFs (passenger load factor) resulted in lower unit revenue.

Adjusting for forex loss, Jet reported break-even at EBITDAR (earnings before interest tax depreciation and rentals), but suffered cash losses,” it said.




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Category: Stock Market


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