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Jet Airways Declines 5% After Earnings

Jet Airways, which is undergoing insolvency resolution process, has reported widening of loss to Rs 5,535.75 crore in the year ended March 2019 as surge in expenses took a toll.

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Shares of Jet Airways on Wednesday plunged nearly 5 per cent to its lowest trading permissible limit for the day after the company reported widening of loss in the year ended March 2019.

The stock declined 4.90 per cent to Rs 29.10 -- its lower circuit limit -- on the BSE.

On the NSE, it tanked 4.92 per cent to Rs 28.95.

Jet Airways, which is undergoing insolvency resolution process, has reported widening of loss to Rs 5,535.75 crore in the year ended March 2019 as surge in expenses took a toll.

The full service carrier, which shuttered operations in April last year, had a loss of Rs 766.13 crore. These figures are for standalone comprehensive losses.

In 2018-19, the airline's total income declined to Rs 23,314.11 crore from Rs 23,958.37 crore in the year-ago fiscal, according to a regulatory filing.

Pushed by higher fuel costs, the total expenses surged to Rs 28,141.61 crore in 2018-19.

After stopping operations on April 18 2019, the airline went into Corporate Insolvency Resolution Process (CIRP) in June 2019.

The financial statements have been signed by Jet Airways Resolution Professional Ashish Chhawchharia.

In a statement, that is part of the regulatory filing, Chhawchharia said he was not in a position to provide the consolidated financial results, as the subsidiaries of the company are separate legal entities, also currently non-operational and that he was facing huge difficulty in obtaining relevant data from the said subsidiaries.

These financial statements of the company for the year ended 31 March 2019 pertains to period prior to commencement of the CIRP.

(PTI)


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