Jet Airways quarterly net loss soars to Rs 495.53 cr, shares in tailspin - Indian Express

PTI : Mumbai, Fri May 24 2013, 18:17 hrs A Jet Airways passenger plane prepares to land at Indira Gandhi International Airport in New Delhi. (Reuters) Naresh Goyal's Jet Airways today reported a net loss of Rs 495.53 crore for the fourth quarter ended March 31, 2013 compared to loss of Rs 298.12 crore in the same period year-ago. Total income from operations declined to Rs 3,921.92 crore in the March quarter from Rs 4,041.61 crore in the year ago period, Jet Airways said in a filing to the BSE. STOCK MARKETS LINKS * BSE Sensex * NSE Nifty * Top Gainers/Top Losers * Top Value * Top Quantity * Best Performing Mutual Funds For the full year ended March 31, 2013, the airline reported a net loss of Rs 485.50 crore against Rs 1,236.1 crore 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. At the airline's Extra Ordinary General Meeting (EGM) today, shareholders approved the proposed issue of shares on a preferential basis to Etihad. The shares will be allotted after receiving regulatory approvals. As part of the deal, Etihad will acquire 24 per cent stake in Jet Airways for about Rs 2,058 crore. The deal marks the first investment by a foreign carrier in an Indian airline since the change in the country's FDI policy last September. Etihad deal will bring down company's debt to USD 1.5 bn: Jet Jet Airways today said its 24 per cent stake sale to the gulf carrier Etihad will bring down its debt to USD 1.5 billion from the current USD 2.1 billion. ... contd. ALSO READ BSE Sensex gains 30 points, Tata Steel shares rise, Wockhardt shares hit Bupa Australia Health to pay A$270 mn to Fortis Healthcare for Dental Corporation stake sale Etienne Benet to take over as Nestle India Managing Director Jet Airways shareholders clear Etihad Airways deal, Naresh Goyal says, profits to rise Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHycp5X-wUVMR1S6MfY_N3jMfiizQ&url=http://www.indianexpress.com/news/jet-airways-quarterly-net-loss-soars-to-rs-495.53-cr-shares-in-tailspin/1120123/

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