Jet Airways says not in position to consider, approve Q4FY19 results; here’s why

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Updated: May 30, 2019 5:11:32 PM

Jet Airways on Thursday said that it’s not in a position to consider and approve the audited financial results for the fourth quarter of FY19.

Jet Airways recorded a loss of Rs 587.77 crore for the third quarter as against a profit of Rs 165.25 crore in the corresponding quarter last year.

Jet Airways on Thursday said that it’s not in a position to consider and approve the audited financial results for the fourth quarter of FY19. The results couldn’t be approved due to the ongoing bidding process undertaken by the domestic lenders for change in the management of the company, coupled with resignation by members of the board of directors, its key managerial personnel and other employees across functions, Naresh Gotal founded company said in a BSE filing. On April 17, Jet Airways had suspended all its operations after the consortium of lenders led by SBI rejected its request to disburse emergency funding. It led to thousands of employees getting unemployed.

It also followed a series of high-profile resignations from the top management since May 13. The civil aviation ministry recently allotted a significant portion of its slots to in key airports to different scheduled carriers. The consortium of lenders are looking to up to 70 per cent stake in the airline. The immigration officials last Saturday stopped Jet Airways chairman Naresh Goyal and his wife Anita from flying overseas at the Mumbai airport. According to sources, the couple was flying to Dubai on Emirates flight EK 507. A recent CNBC TV18    report had said that Hinduja group may be working on an investment plan for the revival of the airline.

Also read: Little to cheer for PSU banks in July Budget; no govt recapitalisation till December

Jet Airways recorded a loss of Rs 587.77 crore for the third quarter as against a profit of Rs 165.25 crore in the corresponding quarter last year. The revenue stood at Rs 6,147.98 crore in Q3FY19. The shares of Jet Airways ended the day at Rs 150.80, higher by 2.80 points, or 1.89 per cent on BSE today.

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