With Rs 1,297.5 crore loss in Q2, Jet Airways lost Rs 14.4 crore every day in first half of FY19

NEW DELHI: Crisis-ridden Jet Airways has reported a loss of Rs 1,297.5 crore in the July-September, 2018, period versus a profit of Rs 49.6 crore in same quarter previous fiscal. This is the third Rs 1,000 crore plus quarterly loss in a row for Jet which had lost Rs 1,323 crore in the April-June, 2018, quarter, versus a profit of Rs 53.5 crore in Q1 of last fiscal. In the first six months of this fiscal, the struggling-to-survive airline has lost Rs 2,620.5 crore or about Rs 14.4 crore a day. Jet’s scrip closed at Rs 242.05 on BSE Monday, down almost 6%.
The airline blamed the loss on “tough industry environment…sharp rise in Brent fuel price by more than 50% over Q2 FY18, a depreciating rupee and a challenging pricing situation in an over-capacitated domestic market.” For the same reasons, IndiGo had reported its first ever quarterly loss since listing three years ago of Rs 652.1 crore this Q2 versus a profit of Rs 551.6 crore in same period last year. The third listed airline, SpiceJet, will announce its Q2 on Wednesday.

Jet, which is yet to pay half of September and entire salary of October to its pilots, flight engineers and senior management, is trying to raise fund through stake sale and other means. The limited review report on Jet’s Q2 result by its auditor, Mumbai-based BSR & Co LLP says appropriateness of the airline’s preparing “financial results on going concern basis… is dependent on realization of the various initiatives undertaken by the company and its ability to raise requisite finance/generate sustainable cash flows to meet its obligations, including financial support to subsidiary companies.”

Jet chairman Naresh Goyal says in notes with accounts that the airline “has a negative net worth as at September 30, 2018. Also, current liabilities exceeds current assets as at September 30, 2018. The company has undertaken various Initiatives in relation to saving cost, optimize revenue management opportunities…. the company’s continued thrust to improve operational efficiency and initiatives to raise funds Including monetization of assets are expected to address uncertainties in relation to generation of sustainable cash flows and ability to repay Its borrowings.” Goyal said Jet “has engaged the services of experts to help in its turnaround plan encompassing operational improvements building efficiencies and enhance liquidity status.”

In Q2, Jet’s total income was 6,236.7 crore, up 8.3% from Rs 5,758.2 crore in same period last year. But fuel cost went up by 58.6% from Rs 1,525.7 crore in July-September 2017 to Rs 2,419.8 in same period this year.
Jet CEO Vinay Dube said: “With our clearly defined focus on profitability, we are in the midst of turning the ship around. We remain closely engaged with all our partners, who acknowledge the challenges faced by the Indian aviation industry and have been very supportive. While we navigate the challenges posed by the current industry environment, our focus and attention remains on safety and operational reliability. We are confident that we will overcome our current challenges, honour our commitments to our stakeholders, and deliver a more strategic, efficient and financially viable airline.”
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