India's Jet Airways has posted a net loss of 2.25 billion Indian rupees ($46 million) for its fiscal first quarter, versus a net profit of 1.43 billion Indian rupees a year before.

Revenue for the three months to 30 June fell by 26% to 20.85 billion rupees, with the airline saying that the losses were mainly because of "lower yields due to intense competition and over capacity in the market".

"The company continues to implement cost control measures and rationalisation of routes to be able to compete in a dynamic environment, all of which would result in arresting losses," adds Jet Airways.

The carrier also said that its board had approved plans to raise up to $400 million in additional capital. It did not say how it would raise the funds.

Source: Air Transport Intelligence news