Jet Airways records the loss of Rs 5536 crore in FY19
Bankrupt carrier, Jet Airways, which is undergoing an insolvency resolution process, has recorded a net loss of Rs 5,539 crore for FY19 which ended March 2019, according to an exchange filing.
The full-service carrier, which shuttered operations in April last year, had a loss of Rs 766.13 crore and it posted a consolidated net loss of Rs 636 crore a year earlier.
The airline’s total income declined to Rs 23,314.11 crore for the financial year 2018-19. It was Rs 23,958.37 crore in the year-ago fiscal, as per a regulatory filing. Jet Airways has net worth at the end of FY19 was a negative Rs 12,695 crore.
The total expenses of the company are Rs 28,141.61 crore in 2018-19. The surge in the expenses is due to the higher fuel costs.
The airline has stopped working on April 18 last year due to the insolvency process. The insolvency process has dragged for more than a year and the airline has as yet been unable to get an investor.
In a financial statement, part of the regulatory filing, signed by Jet Airways Resolution Professional Ashish Chhawchharia, he that said he was not in a position to provide the consolidated financial results, as the subsidiaries of the company are separate legal entities, also currently non-operational and that he was facing huge difficulty in obtaining relevant data from the said subsidiaries. The results for the year ended March 2019 were submitted to the stock exchanges past midnight on Tuesday.
All the directors, CEO, CFO, and company secretary of Jet Airways had resigned from their respective positions in the company before the commencement of the Corporate Insolvency Resolution Process (CIRP). Shares of Jet Airways declined nearly five percent to Rs 29.10 apiece in early trade on the BSE.