Jetlite's Q2 loss at Rs 273cr, exceeds net worth

PTI reports, Jet Airways' unlisted subsidiary, low-cost airline JetLite, had incurred a loss after tax of Rs 273 crore ($54.6 million) for the second quarter ended September 30, which made the accumulated losses of the erstwhile Sahara Airlines exceed its net worth.

While declaring its results of the second quarter ended September 30, Jet Airways had said the subsidiary had "accumulated losses exceeding its net worth and its financial statements have been prepared on going concern basis".

According to reliable sources, JetLite's revenues for the said quarter were at Rs 429.3 crore against Rs 366.2 crore in the corresponding period last fiscal.

Jetlite's loss after tax increased over three-fold for the second quarter to Rs 273 crore from Rs 86.27 crore in the year-ago period.

Jet Airways had also said in October that the parent company planned to support the growth plans of the said subsidiary based on its assets, growth model and other factors.

During the quarter under review, Jetlite had a seat factor of 61.2 per cent against 68 per cent in the corresponding quarter last fiscal.