Mumbai: Airline major Jet Airways on Wednesday reported a standalaone net loss of Rs 1,036 crore for the fourth quarter of 2017-18.
According to the airline, its standalone net loss during the quarter under review stood at Rs 1,036 crore from a net profit of Rs 602.42 crore reported for the corresponding period of 2016-17.
In terms of financial year, Jet Airways reported a standalone net loss of Rs 767.62 crore from a net profit of Rs 1,482.52 crore reported for the previous fiscal.
On a consolidated basis, the automobile major reported a net loss of Rs 636.45 crore in 2017-18 from a net profit of Rs 1,498.68 crore in 2016-17.
“Financial performance during the quarter was weaker due to the continuing increase in the price of Brent fuel without a corresponding increase in air fares, as well as mark-to-market adjustments due to a weaker rupee,” Jet Airways CEO Vinay Dube was quoted as saying in a statement.
“The challenges notwithstanding, we are resolutely focused on undertaking numerous steps to create a healthier business by maintaining a relentless focus on lowering costs, increasing operational reliability as well as rejuvenating the customer experience, as part of our ongoing transformation.”