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Jet Airway's unpaid fuel bills increases by 65% in first half of FY12

25 Nov 2011 Evaluate

The nation's largest private airline - Jet Airways’ unpaid jet fuel bills in the first six months of the 2011-12 financial year increased by over 65% to Rs 849 crore, while the dues of Kingfisher Airlines grew by less than 4% during the same period. The company is liable to pay Indian Oil Corp (IOC) Rs 695.90 crore and Rs 153.24 crore to Bharat Petroleum Corp (BPCL) as of September 30, 2011.

If the airlines fail to pay their dues, public sector oil marketing companies (OMCs) may take action for recovery of dues in line with the mutually-agreed commercial terms. Defaulting airlines are also put on 'cash-and-carry' and interest is recovered on overdue payments.

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.

Jet Airways (I) Share Price

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