Jet Airways to continue cost-cutting plans

06 Feb 2013

Jet Airways, India’s premier international airline is planning to continue with its cost-cutting plans and pay off about Rs 2,200 crore of loan in the next fiscal. The airline had a total debt of about Rs 11,800 crore as of December 31, down from $2.6 billion about Rs 14,300 crore at the end of March 2012, as it is steadily paying off debt and has got commitments from banks for working capital loans. The average cost of debt for the airline is around 6% and its cash position stands at Rs 740 crore.

The company has reported a net profit of Rs 85 crore for the quarter ended December 31, 2012 as compared to a net loss of Rs 101.22 crore for the same quarter in the previous year. Total income operation of the company has increased by 2.04% at Rs 4251.22 crore for quarter under review as compared to Rs 4165.88 crore for the quarter ended December 31, 2011.

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