Jetlite’s Q2 loss at Rs273 cr, more than net worth

Jetlite’s Q2 loss at Rs273 cr, more than net worth

New Delhi: Jet Airways’ unlisted subsidiary, low-cost airline JetLite, had incurred a loss after tax of 273 crore for the second quarter ended 30 September, which made the accumulated losses of the erstwhile Sahara Airlines exceed its net worth.

While declaring its results of the second quarter ended 30 September, Jet Airways had said the subsidiary had “accumulated losses exceeding its net worth and its financial statements have been prepared on going concern basis".

According to reliable sources, JetLite’s revenues for the said quarter were at Rs429.3 crore against Rs366.2 crore in the corresponding period last fiscal.

Jetlite’s loss after tax increased over three-fold for the second quarter to Rs273 crore from Rs86.27 crore in the year-ago period.

Jet Airways had also said in October that the parent company planned to support the growth plans of the said subsidiary based on its assets, growth model and other factors.

During the quarter under review, Jetlite had a seat factor of 61.2% against 68% in the corresponding quarter last fiscal.

The carrier’s revenue per passenger kilometre increased to Rs4.3 in Q2 in FY’09 versus Rs3.6 in Q2 FY’08.

When contacted, a company spokesperson said: “There was no specific reason for losses but the general downturn in the industry".

The operations of Jet Airways as a whole showed a pre-tax loss of Rs578.5 crore versus a profit of Rs42.5 crore which was achieved in the same period last year.

The breakdown of this number shows a loss of 88.6 crore on the domestic operations and a loss of 289.9 crore on the international operations.

The net loss suffered by Jet Airways stood at Rs384.5 crore with total income of Rs3,121.34 for the second quarter.