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Jet Airways (India) Ltd. announced a consolidated net loss of 1,261 crore for the second quarter ended September 30, 2018, compared to a net profit of 71 crore in the second quarter of fiscal 2008.
However, the loss of the second quarter was lower than the loss of 1,323 crores of rupees recorded in the previous quarter.
Total revenues increased by 6.9% to 6,633 crore against 5,95 crore for the same period of the previous year.
Vinay Dube, CEO of Jet Airways, said, "Our clearly defined profitability target is setting the bar right. We remain in close contact with all our partners, who recognize the challenges facing the Indian aviation industry and have helped us a lot. "
" Focus on Security "
" As we approach the challenges posed by the current industry environment, our focus and attention remains on security and operational reliability, "he said. -he adds. Mr. Dubé said, "We are confident that we will overcome our current challenges, honor our commitments to our stakeholders and provide a more strategic, efficient and financially viable airline." The airline said the difficult environment in which the sector is located is booming in Brent, the price of fuel has risen by more than 50% compared to the second quarter of fiscal 2008, a depreciation of the rupee and a difficult tariff situation in an overcapacity domestic market continued to affect its performance for the quarter.
Jet stated that its board had reviewed the progress of the company's recovery strategy described last quarter, as well as an update on the success of management's parallel actions to revitalize health. economic society. "At the strategic level, the company remains committed and is on track to achieve most of the results described as part of its last quarter turnaround strategy, including cost savings in excess of Rp. 2,000 crore over the next two years." The company said.
The airline has undertaken a thorough review and consolidation of its network involving routes and markets, as well as products and services offered.
The strategy includes concentrating capacity, improving frequency, density and connectivity of hubs, he said. "The measures will include streamlining operations on selected uneconomic routes and redeploying these badets to more productive and economically efficient international and domestic sectors, aligning capabilities closely with the characteristics of demand for specific markets", a- he declared. At the same time, the airline engages with financial "stakeholders" to meet its financing needs until it begins to generate an operating surplus and is actively working to monetize its badets and improve its financial position. capital injection, he said.
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