Jet Airways takes $6m hit on Q2 aircraft on the ground

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

India's Jet Airways incurred a $6 million charge during the second quarter due to aircraft on the ground as certain routes were discontinued.

The airline confirms in an earnings statement that the aircraft will be "leased out in the next few months."

The carrier narrowed its FY2012/13 second quarter net loss by 86% to Rs997 million ($18.4 million), compared with the same period last year. Fuel rates increased 17% in the quarter compared with the year earlier period.

Jet Airways says the quarter results were impacted by the "economic slowdown and consequential dip in industry passenger traffic, coupled with high fuel prices and rupee depreciation".

The group's overall revenue, however, increased by 24.2% to Rs46.3 billion, while earnings before interest, tax, depreciation, amortisation and restructuring (EBITDAR) increased by more than four times to Rs6.67 billion from Rs1.5 billion.