Committed to turnaround; reduced debt in Q1: Jet

Jet Airways on Tuesday said it had reduced its overall debt burden during the first quarter of 2018-19 and remained committed to implementing its turnaround strategy.

Jet Airways Deputy Chief Executive Officer and Chief Financial Officer Amit Agarwal said during an analysts' call that the airline had reduced its debt by utilising part of the $300 million in liquidity it received through “lease incentives”.

The airline also plans to pursue several cost-cutting measures and explore funding options, including fresh capital infusion and monetisation of assets. This includes monetising the company's stake in its loyalty programme.

Jet Airways Group reported a net loss of Rs 1,326 crore for the April-June quarter, compared with a net profit of Rs 58 crore in the corresponding period of the previous financial year.

On a standalone basis, the airline posted a net loss of Rs 1,323 crore, against a net profit of Rs 53.5 crore in the year-ago quarter.

The airline attributed the weak financial performance primarily to a more than 36 per cent rise in Brent crude prices, a weaker rupee and the mismatch between higher fuel costs and relatively low airfares.

Jet Airways had on August 9 deferred the announcement of its financial results, citing the “pending closure of certain matters”.