Jet Airways Q4 net loss widens to Rs 496 crore

Jet Airways reported a net loss of Rs 495.53 crore (Rs 4.95 billion) for the fourth quarter ended March 31, 2013 compared to loss of Rs 298.12 crore (Rs 2.98 billion) in the same period year-ago.

Total income from operations declined to Rs 3,921.92 crore (Rs 39.21 billion) in the March quarter from Rs 4,041.61 crore (Rs 40.41 billion) in the year ago period, Jet Airways said in a filing to the BSE.

For the full year ended March 31, 2013, the airline reported a net loss of Rs 485.50 crore (Rs 4.85 billion) against Rs 1,236.1 crore (Rs 12.36 billion)

in the same period last year.

Shares of the company ended the day 3.69 per cent lower at Rs 562.70 on the BSE.

Meanwhile, shareholders of Jet Airways today approved the sale of 24 per cent stake to Abu Dhabi-based Etihad, with the Indian carrier's Chairman Naresh Goyal saying that the deal will improve profitability, reduce costs and lower the debts.