INDIA's budget carrier Jet Airways reported a net loss of INR132
INDIA's budget carrier Jet Airways reported a net loss of INR132.6 billion (US$1.82 billion). which compared unfavourably to a net profit of INR58 crore achieved in the first quarter of the 2018 financial year, reports London's Air Cargo News. But the cargo picture was brighter. Cargo revenue rose by 19.2 per cent to INR51.5 billion year on year.
Blamed for the bad news was the increase in fuel prices, the depreciating rupee and the resulting mismatch between high fuel prices and low fares undermined quarterly performance.
During the quarter, the airline inducted the first B737 MAX aircraft into its fleet, with another 10 expected during the rest of this year. The B737 MAX is expected to enhance the airline's operational reliability and also reduce its sub-fleet complexity, while reducing costs.
The carrier intends to introduce a total of 225 fuel-efficient B737 MAX aircraft into its fleet over the coming decade, both to replace older aircraft and to expand its fleet and network footprint.
Jet Airways chairman Naresh Goyal said he was sure that the changes proposed by the board 'bode well for the long-term financial health and sustainability of the airline'.
Jet currently operates flights to 66 destinations, in India and overseas. Its international destinations are to be found in Southeast Asia, South Asia, the Middle East, Europe and North America.
Jet Airways Group currently operates a fleet of 121 aircraft, comprising B777-300ERs, Airbus A330-200/300s, the latest B737 MAX 8, Next Generation B737s and ATR 72-500/600s.
