jet-airways-declares-first-quarter-loss

Jet Airways declares first quarter loss

Company cites yield pressure, rising fuel costs and competition in the domestic market as reasons for the losses, which come on the heels of aborted Air Sahara takeover.
IndiaÆs premier private sector airline, Jet Airways has posted a loss of Rs450 million $9.8 million for the first quarter of fiscal 2006.

The shortfall, which compares with a profit of Rs953.4 million in the same period last year, comes as Jet faces the potentially costly aftermath of its planned takeover of competitor Air Sahara that was called off at the end of June.

Compared to the same quarter of 2005, Jet says it carried 25% more paying passengers, translating into a 25% increase in revenues. However, earnings before interest, tax and depreciation were down 43%, resulting in the bottom-line loss.

In an earnings statement issued over the weekend, Jet attributes the loss to yield...
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