Categories: Business

Jet Airways incurred loss of Rs 5,536 crore in FY 2018-19, passing through insolvency process

Photo: THEPOINTSGUY

Jet Airways loss widens to Rs 5,536 cr in 2018-19

New Delhi Jet Airways' losses going through the insolvency resolution process increased to Rs 5,535.75 crore in the financial year ended March 2019. The company's expenditure has increased as its losses have increased. Flights of Jet Airways aircraft, which offer full aviation services, have been discontinued since April last year. The company's single loss is Rs 766.13 crore. These are the figures of large deficit on a single basis.

In the year 2018-19, the total income of the airline declined to Rs 23,314.11 crore as compared to a year ago. At the same time last year, the company did a business of Rs 23,958.37 crore. A regulatory notice said that the total expenditure of the company increased to Rs 28,141.61 crore due to increase in fuel prices during this period. The company went under the corporate insolvency resolution process in June 2019, after ceasing operations in April last year.

The aviation company's financial accounts record is signed by the company's solutions professional Ashish Chavcharia. In the regulatory notice, Chavcharia has also stated that he is not in a position to provide a unified financial result for the company. Subsidiaries of the company are separate entities and currently not even operational. In such a situation, it is very difficult to get the data related to these subsidiary companies. Jet Airways' financial results for the year 2018-19 were made available to the stock markets on Tuesday night.

This post was published on July 29, 2020 3:00 pm

Content Team

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