Jet Airways defers Q1 result announcement1 min read . Updated: 10 Aug 2018, 09:18 AM IST
Facing financial headwinds, in a rare development, Jet Airways today deferred announcing the June quarter numbers to an unspecified late date
Mumbai: Jet Airways (India) Ltd. said on Thursday it has deferred publication of its quarterly results for the three months ended 30 June 2018 as certain matters are still to be closed. The company said that trading window will continue to remain closed and shall open 48 hours after publication of results.
“This is to inform that the board of directors of the company, at its meeting held today, deferred the matter of consideration of the unaudited financial results for the quarter ended 30 June, 2018. It may be noted that the audit committee did not recommend the said financial results to the board for its approval, pending closure of certain matters," the company informed stock exchanges.
Jet did not specify the issues that needed closure. A person familiar with the decision said on condition of anonymity that the board of directors is likely to consider the unaudited results on Friday.
Jet Airways is struggling with high cost of fuel as well as interest and employee costs at a time the airline industry is not able to increase flight ticket prices without forgoing market share due to competition in the market, which is likely to intensify in coming months as carriers are going for a record induction of new aircraft for expansion.