India's Jet Airways reports record $366.5m quarterly loss

May 27, 2014 - 6:20:10 pm

NEW DELHI: Jet Airways, India's No.2 carrier by domestic market share, reported its biggest-ever quarterly loss as higher fuel costs and taxes weigh on Indiannairlines and high competition limits fare increases.

Jet, which last year sold a 24 percent stake to Abu Dhabi's Etihad in the first deal in the sector after the government eased restrictions, reported on Tuesday a standalone net loss of 21.54 billion rupees ($366.5 million) for its fiscal fourth quarter to end-March.

It had reported a loss of 4.96 billion rupees in the year-ago quarter. (Reuters)