Jet Airways loss widens to Rs 5,536 crore in 2018-19 over surge in expenses

Jet Airways, which is undergoing insolvency resolution process, has reported widening of loss to Rs 5,535.75 crore in the year ended March 2019 as surge in expenses took a toll.

The full service carrier, which shuttered operations in April last year, had a loss of Rs 766.13 crore. These figures are for standalone comprehensive losses.

In 2018-19, the airline’s total income declined to Rs 23,314.11 crore from Rs 23,958.37 crore in the year-ago fiscal, according to a regulatory filing.

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Pushed by higher fuel costs, the total expenses surged to Rs 28,141.61 crore in 2018-19.

After stopping operations on April 18, the airline went into Corporate Insolvency Resolution Process (CIRP) in June 2019.

The financial statements have been signed by Jet Airways Resolution Professional Ashish Chhawchharia.

In a statement, that is part of the regulatory filing, Chhawchharia said he was not in a position to provide the consolidated financial results , as the subsidiaries of the company are separate legal entities, also currently non-operational and that he was facing huge difficulty in obtaining relevant data from the said subsidiaries.

The results for the year ended March 2019 were submitted to the stock exchanges past midnight on Tuesday.

All the directors, CEO, CFO and company secretary had resigned from their respective positions in the company prior to commencement of the CIRP.

Shares of Jet Airways declined nearly five per cent to Rs 29.10 apiece in early trade on the BSE.