India's Jet Airways saw its net losses widen last fiscal year even though it performed relatively well in the last quarter.

The airline says in a statement to the Bombay stock exchange it had a net loss of Rs4 billion ($84 million) in the year ending 31 March compared to a net loss of Rs2.53 billion the year before.

The airline managed to increase its operating income by 28% to Rs111 billion from Rs87 billion but total expenses ballooned to Rs127 billion from Rs94 billion.

It says in the last fiscal quarter it made a net profit of Rs530 million compared to a net loss of Rs2.21 billion the corresponding period the year before.

The carrier attributed its higher full-year losses to fuel costs and "lower load factors resulting into lower revenues than expected."

Jet is rationalizing its routes and implementing cost controls that "should result in achieving operational efficiencies and improved results," it adds.

Source: Air Transport Intelligence news