"The two significant proposals considered by the board of directors today i.e. infusion of capital and the monetisation of the airline's stake in its Loyalty programme bode well for the long term financial health and sustainability of the airline", said Jet Airways Chairman Naresh Goyal.
The airline had reported a net profit of Rs 53.5 crore in the same period a year ago. It is managed through an associate company, earning revenue of Rs 6.2 billion and a profit of Rs 1.7 billion.
Revenue from operations rose 6.4 percent to Rs 6,010.5 crore for the quarter compared to the same period past year. Jet Airways in a recent filing said that its board would consider cost reduction initiatives on August 27. Jet owns 49.9 per cent in the loyalty business.
It explained that cost reduction covers various facets of operations, including maintenance costs, selling and sistribution costs, fuel rate and optimization, debt and interest cost reduction and enhancement of crew and manpower productivity.
The board also approved the management plan to wet- lease some of its ATRs which are now deployed on short- haul routes.
On August 9, Jet had deferred its quarterly results amid differences with its auditors, leading to enquiries by stock exchanges and the market regulator.Читайте также: Thomas Meunier (PSG) : "Avec Thomas Tuchel, ça se passe de façon merveilleuse"
The airline's financial performance in the quarter was hurt by higher fuel expenses, which soared 53 per cent to Rs 2,332 crore.
"We are implementing a host of measures to reduce cost and grow revenue, while retaining our focus on our guests, which will help in addressing the challenges faced by us".
Flagging concerns, the Jet Airways Staff and Officers' Association, which claims to have around 10,000 members, has written to CEO Vinay Dube, seeking a meeting with him to have a comprehensive understanding of the factors.
The airline plans to deliver 3-4 per cent growth in revenue per available seat-kilometer through tactical and strategic initiatives around network, pricing, inventory management and sales, he said. It also announced leveraging the well-established 8.5 million member JetPrivilege programme, capital infusion and debt reduction to result in significant reduction in the interest cost.
Significantly, the airline is in talks with TruJet to wet lease up to seven of its 18 ATRs. It also saw a 7.6 increase in revenue passenger kilometres during the quarter.
Partially-owned by Gulf carrier Etihad, Jet Airways has been facing turbulence since the beginning of this year, having reported a massive loss of over Rs 1,000 crore in March quarter.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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