Jet Airways lands in turbulent times with huge losses

By IANS,

Mumbai : India’s largest private carrier Jet Airways has posted a net loss after tax of $63.26 million (Rs.2.53 billion) during the fiscal year 2008 compared to a net profit of $6.98 million (Rs.279.40 million) for the previous year.

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The total income increased to $2.37 billion (Rs.94.81 billion) for the year ended March 31, 2008, from $1.85 billion (Rs.74.01 billion) in the year ago.

For the latest quarter ending March, the company posted net loss after tax of $55.27 million (Rs.2.21 billion), compared to net profit of $22 million (Rs.880.1 million) for the corresponding quarter last year.

The group has announced a consolidated net loss after tax of $163.46 million (Rs.6.53 billion) for income of $ 2.73 billion (Rs. 109.21 billion).