Crisis-hit Jet Airways Wednesday said it is implementing a turnaround strategy and has not sought moratorium on loans from lenders.
Crisis-hit Jet Airways Wednesday said it is implementing a turnaround strategy and has not sought moratorium on loans from lenders. The full service carrier, which is grappling with financial woes, has delayed payment of salaries to employees.
“The company is engaged in implementing board approved turnaround strategy and will make due announcements with respect to specific measures once finalised,” an airline spokesperson said. The spokesperson also said the airline has not sought moratorium on any loans or reduction of interest rates from its lenders, contrary to reports.
Jet Airways Group posted a net loss of Rs 1,326 crore in the three months ended June 2018. In the year-ago period, the carrier had a net profit of Rs 58 crore. Along with the quarterly results, the airline’s board, during its meeting on August 27, also considered various cost cutting measures, debt reduction and funding options, including infusion of capital and monetisation of assets.
“Given the challenging business environment, Jet Airways has been implementing additional measures to reduce costs and achieve greater efficiencies of operations,” it said in a release on August 27. On Wednesday, shares of Jet Airways rose nearly four per cent to close at Rs 220.65 on the BSE.