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India's Jet Airways fourth-quarter net loss widens
May 24, 2013 / 12:02 PM / 4 years ago

India's Jet Airways fourth-quarter net loss widens

A Jet Airways passenger plane prepares to land as a new air traffic control tower under construction is seen in the background at the Indira Gandhi International Airport in New Delhi May 24, 2013. REUTERS/Anindito Mukherjee

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

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