The Economic Times daily newspaper is available online now.

    Jet Airways Q2 results: Airlines posts Rs 308 crore loss

    Synopsis

    Through the corporate insolvency resolution process, the Jalan Fritsch consortium emerged as the winning bidder for the airline after the the National Company Law Tribunal (NCLT) approved the consortium's resolution plan in June last year. However, the carrier is yet to resume operations.

    Jet Airways Q2 results: Airlins posts Rs 308 crore lossAgencies
    Jet Airways, which is grounded for more than three years, on Friday reported a standalone net loss of Rs 308.24 crore in the three months ended September. The airline had reported a net loss of Rs 305.76 crore in the same period a year ago, according to a regulatory filing.

    Through the corporate insolvency resolution process, the Jalan Fritsch consortium emerged as the winning bidder for the airline after the the National Company Law Tribunal (NCLT) approved the consortium's resolution plan in June last year. However, the carrier is yet to resume operations.

    In the second quarter of the current fiscal, Jet Airways saw its total income plunge to Rs 13.52 crore from Rs 45.01 crore in the year-ago period.

    Total expenses also jumped to Rs 321.76 crore in the latest September quarter.

    "The company continues to incur losses resulting in an erosion in its net worth and its current liabilities exceed current assets as of September 30, 2022," the filing said.

    The airline, which shuttered operations in April 2019, received the Air Operators Certificate from the Directorate General of Civil Aviation (DGCA) in May this year as the consortium works on reviving the carrier.

    The filing said the company's monitoring committee is not in a position to provide the consolidated financial results due to various reasons, including that subsidiaries are separate legal entities and also currently non-operational.

    "... the team is facing huge difficulty in obtaining relevant data from the said subsidiaries as also there are no KMPs/senior management personnel (in the company's subsidiaries) from whom the relevant information can be obtained for the preparation of consolidated financial results of the company," the filing said.

    KMP refers to Key Managerial Personnel.

    The winning consortium is also known as Jalan Kalrock consortium.



    ( Originally published on Nov 11, 2022 )
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in