Jet Airways reports $ 58 m quarterly loss

Friday, 9 August 2013 00:00 -     - {{hitsCtrl.values.hits}}

Reuters: Jet Airways, in which Abu Dhabi’s Etihad is buying a minority stake, reported its second consecutive quarterly loss on lower income from operations. Jet posted a net loss of 3.55 billion Indian rupees for its fiscal first quarter to end-June, compared with a net profit of 247 million rupees reported a year earlier. Jet recently won a key regulatory approval for its deal to sell a 24% stake to Etihad for $ 379 million, which will be the biggest foreign investment in the Indian civil aviation sector after ownership rules were relaxed. The companies, which need some more approvals, are yet to close the deal.