Mumbai: Jet Airways Wednesday plunged into a quarterly and annual net loss from a profit a year earlier, pulled down by a weak operating performance, making it the only loss making airline among listed entities.
Indias second biggest airline by market share posted a net loss of Rs 1,045 crore in the January-March quarter compared to a net profit of Rs 601.71 crore in the corresponding period last year.
Net revenue from sales rose a mere 9% to Rs 5,924.85 crore, while other income plunged 82% to Rs 822 crore, the difference created as the airline sold planes and land parcels a year earlier and none in the quarter under review.
Total expenses soared 25% to Rs 7,091.15 crore, led by a 56% increase in plane maintenance costs.
On an annual basis, Jet posted a consolidated loss of Rs 634 crore compared to a net profit of Rs 1442 crore last year.
Jets peer IndiGo, Indias biggest airline by market share, posted a 73% fall in net profit to Rs 117.6 crore for the fourth quarter while rival carrier SpiceJets net profit rose 11% to Rs 46 crore.