Faced with intense competition and high interest cost, private carrier Jet Airways India today reported a net loss of Rs 225.33 crore during the first quarter ended June 30, 2009.
The airline had a net profit of Rs 143.38 crore in the same period last year.
Total income declined to Rs 2,371.21 crore during the quarter from Rs 2,867.16 crore in the same quarter last fiscal, the private carrier said in a filing to the Bombay Stock Exchange(BSE).
"The company during the quarter ended June 30, 2009 suffered losses mainly on the account of lower yields due to intense competition and over capacity in the market besides high interest cost," the company said.
"The company continues to implement cost control measures and rationalisation of routes to be able to compete in a dynamic environment, all of which would result in arresting losses incurred by it," it added.
In a separate filing to BSE, the company said that the board has approved raising of $400 million.
Shares of Jet Airways India settled at Rs 247 on BSE, up 0.43 per cent from previous close.
