India's Jet Airways fourth-quarter net loss widens
NEW DELHI (Reuters) - India's Jet Airways (JET.NS), which recently agreed to sell a 24 percent stake to Gulf carrier Etihad, reported a wider quarterly loss, hurt by higher costs.
Jet said its net loss was 4.96 billion rupees ($89 million)for its fiscal fourth-quarter ended March, compared with a net loss of 2.98 billion rupees reported a year earlier.
Etihad's about $370 million investment in Jet is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides Jet with a deep-pocketed global partner as well as cash to retire debt.
(Reporting by Devidutta Tripathy)