Jet Airways posts INR 588 cr. standalone net loss for Q3

Mumbai, Feb. 14 (IANS): Jet Airways here on Thursday reported INR 587.7 crore standalone net loss for the third quarter ended December 31, 2018. It had reported a net profit of INR 165.25 crore during the year-ago period. "Despite improvement in RASK (revenue per available seat kilometre), which grew 2.6 per cent over Q3FY18 due to seasonal, demand-led strengthening of fares, higher costs because of the price of Brent crude (up 29 per cent year-on-year) and the depreciated Indian rupee impacted the airline's overall business performance," the company said in a statement. "These factors ensured that the sequential reduction in non-fuel CASK (cost per available seat kilometre) over the last few quarters could not be sustained. For Q3FY19, Jet Airways' non-fuel CASK increased by 13.7 per cent on a year-on-year basis to INR 3.43 crore. Excluding forex impact, non-fuel CASK increased 7.5 per cent," it said. On a consolidated basis, the airline's net loss stood at INR 732 crore for Q3FY19, against a net profit of INR 186 crore in the year-ago quarter. The company said it has restructured its network during the quarter, moving capacity away from unviable to profitable routes.