Jet Airways on Monday announced a loss of Rs 1,323 crore for the first quarter of FY19 against a profit of Rs 53.50 crore in the corresponding quarter a year ago. The increase in brent fuel prices, falling rupee and a mismatch between rising ATF rates and low fares resulted in steep loss for the airline, Vinay Dube, CEO, Jet Airways said. This is airline\u2019s third highest quarterly loss. The company board on August 9 had deferred announcement of unaudited financial results for the quarter ended June. While the consolidated revenue of the airline increased by 2 percent to Rs 6,312 crore, expenses surged 24.7 percent to Rs 7,638 crore. Also read: Share Market Live: Sensex crosses 38,900, Nifty tops 11,757 for first time in trading history; RIL leads The unit costs for transporting a seat per kilometre surged nearly 9 percent against a decline in unit revenue for transporting a seat per kilometre, the company said. In the same quarter, IndiGo\u2019s profit declined 97 percent and SpiceJet reported a loss of Rs 38 crore. \u201cThe two significant proposals considered by the board of directors today i.e. infusion of capital and the monetisation of the airline\u2019s stake in its Loyalty programme bode well for the long term financial health and sustainability of the airline,\u201d said Jet Airways Chairman Naresh Goyal. The \u2018comprehensive\u2019 programme to reduce cost will help the debt-laden airline to reduce operational costs over Rs 2,000 crore in the coming two years and balance sheet restructuring through capital infusion and debt reduction. The other measures that the airline proposed include offering choice and flexibility to the guests on the same lines as followed worldwid Meanwhile, shares of Jet Airways (India) Ltd. were trading at Rs 282.60 up 0.28 percent in the early trade today on BSE at the time of reporting.