Jet Airways posts Rs 355 crore net loss on falling rupee

SpiceJet reported about 10 percent decline in profit in the June ended quarter to Rs 50.6 crore

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jet Airways reported a net loss of Rs 355 crore for the quarter ended June as against net profit of Rs 24.7 crore a year ago. Revenue for the quarter declined 12.4% from a year ago to Rs 4,064 crore, as against Rs 4,636 crore, the company said.

The performance was below market expectations, as the airline, according to Bloomberg estimates was seen posting a loss of Rs 257 crore. "The devaluation of rupee versus US dollar, steep increase in landing and navigation charges at key metros and high fuel prices have impacted the industry's profitability," rued Hameed Ali, acting CEO of Jet Airways.

The company attributed weak performance to rupee depreciation, rise in Airport charges at key metros and high fuel prices. The quarterly earnings included foreign exchange translation losses of Rs 131.5 crore.

However, higher yields and continued cost control measures helped Jet Group post an operating profit of nearly Rs 530 crore, the earnings release said.

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