Jet Airways posts fourth straight quarterly net loss at $43 mn

Written by Reuters | New Delhi | Updated: Feb 9 2014, 01:05am hrs
Jet AirwaysThe Centre for Asia Pacific Aviation, a consultancy, had forecast a third-quarter loss of between $60 million and $80 million for Jet Airways. (Reuters)
Jet Airways, India's No.2 carrier by domestic market share, reported its fourth straight quarterly loss as airlines in Asia's third-biggest economy battle high fuel costs and taxes and stiff competition limits fare increases.

Jet Airways, which last year sold a 24 percent stake to Abu Dhabi's Etihad in the first deal in the sector after the government eased restrictions, reported a net loss of 2.68 billion rupees ($43 million) for the third quarter to end-December. It had reported a profit of 850 million rupees in the year-ago quarter.

The Centre for Asia Pacific Aviation, a consultancy, had forecast a third-quarter loss of between $60 million and $80 million for Jet, which had reported a record $143 million loss for the second quarter. ($1 = 62.5225 Indian rupees)