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Jet Airways' net loss widens to Rs 390 crore in June quarter

Jet Airways reported a standalone net loss of Rs 390 crore in the June quarter (Q1) of the current financial year 2022-23 (FY23) as revenues declined sharply.

Jet Airways net loss widens to Rs 390 crore in June quarter
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Jet Airways' net loss widens to Rs 390 crore in June quarter 

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Jet Airways reported a standalone net loss of Rs 390 crore in the June quarter (Q1) of the current financial year 2022-23 (FY23) as revenues declined sharply. The carrier had reported a loss of Rs 129 crore in the same period last year (Q1 FY22).

The airline, which remains grounded for almost three years now, plans to resume operations in the ongoing quarter (Q2) ending September 30, 2022.

On a yearly basis, Jet Airways' revenue from operations fell as much as 83.02 per cent to Rs 12.53 crore against Rs 73.83 posted in the same quarter last year.

The airline suspended operations in 2019 after its promoters, then, failed to provide liquidity and the insolvency resolution process in June 2019.

Jet Airways, in its previous stint, was owned by Naresh Goyal and operated its last flight on April 17, 2019. The Jalan-Kalrock Consortium is currently the promoter of Jet Airways.

In October 2020, the airline's Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan.

Meanwhile, shares of Jet Airways rose 0.97 per cent to close at Rs 104 today, in line with the broader Indian equity benchmarks.

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