Aviation

Jet, SpiceJet to post record losses

DELHI

Jet Airways (India) Ltd, the country’s largest full-service airline, and SpiceJet Ltd, the second largest discount airline, are likely to report record losses for the fiscal year ended 31 March as higher fuel costs and the rupee’s depreciation took their toll, according to Capa Centre for Aviation.

State-owned Air India Ltd likely narrowed its loss and others may have earned profits, the consulting firm said in reply to a questionnaire ahead of earnings announcements expected in the coming days by Jet Airways and SpiceJet, India’s only two listed airlines.

Naresh Goyal-promoted Jet Airways, in which Etihad Airways PJSC of the United Arab Emirates bought a 24% stake last year for Rs.2,000 crore, is estimated by Capa to have posted a group loss of between Rs.2,100 crore and Rs.2,200 crore in the fiscal year gone by. The loss in the fourth quarter alone is pegged at Rs.500-600 crore.

Full report here Mint

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