Jet’s Q1 net loss at Rs 1,326 cr; considers cost-reduction steps

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Mumbai, Aug 27 (IANS) Airline major Jet Airways on Monday reported a net loss of Rs 1,326 crore for the first quarter of 2018-19.

The company had reported a net profit of Rs 58 crore in the corresponding quarter of the previous fiscal.

According to the airline, an increase in Brent fuel price by more than 36 per cent, along with a weak rupee and a mismatch between high fuel prices and low fares primarily undermined its financial performance during the quarter under review.

The Q1 result comes after the company deferred the consideration of unaudited financial results for the first quarter.

On Monday, the airline’s Board also considered various cost-cutting steps, debt reduction and funding options, including infusion of capital, monetisation of assets, including the company’s stake in its “Loyalty programme” to shore up its financial position.

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