Jet Airways (India) has reported results for the second quarter ended September 30, 2011.
The company has reported a net loss of Rs 713.60 crore as compared to a net profit of Rs 12.40 crore for the corresponding quarter of the previous year. The company’s total income has increased by 7.37% at Rs 3332.07 crore for the second quarter of the current fiscal from Rs 3103.22 crore for the corresponding quarter of the previous year.
Unrealized foreign exchange losses alone contributed to Rs 275 crore of Jet's losses while its aircraft fuel bill rose 50% to 1,491 crore from a year earlier.
Moreover, Indian aviation companies have been pummeled by high costs, discounted fares and slowing demand. Jet & SpiceJet’s performance, along with Kingfisher’s deepening troubles, is likely to worsen the outlook for the sector.
