Audit panel didn’t recommend result for approval: Jet Airways

Last week, the airline had stated it was implementing “several measures to reduce costs as well as realise higher revenues” for desired business efficiencies.

By: ENS Economic Bureau | New Delhi | Updated: August 10, 2018 3:49:30 am
business news, Jet Airways, Jet Airways quartely results, Jet Airways revenue, Jet Airways profit, Jet Airways flights, Jet Airways flioght booking, Jet Airways flight ticket, indian express The company did not detail the concerns raised by its audit committee.

Jet Airways, which is facing financial headwinds, has deferred releasing its earnings for the June-quarter that were expected on Thursday. In a notice to stock exchanges, the airline said that its audit committee did not recommend financial results to the board for its approval, “pending closure of certain matters”. The company did not detail the concerns raised by its audit committee.

For the previous quarter, Jet Airways reported a net loss of Rs 1,036 crore.

Addressing the shareholders earlier on Thursday at the company’s annual general meeting, the airline’s promoter Naresh Goyal said he felt “guilty and embarrassed” as shareholders have lost money, after airlines’ shares plummeted due to the financial woes. Jet Airways’ share has fallen over 12 per cent since July 2, and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95. Amid growing concerns over the airline’s financial health and proposed salary cuts, Goyal said a new committee will be set up to improve public perception and negative publicity about it.

Addressing the shareholders, Goyal said key external factors such as weakening of the Indian rupee and around 16 per cent increase in Brent crude rates with consequent rise in fuel costs and the industry’s inability to pass on increased costs had slowed down the airline’s momentum. In addition, there was a considerable increase in maintenance, landing and navigation costs during the year, he noted.

Last week, the airline had stated it was implementing “several measures to reduce costs as well as realise higher revenues” for desired business efficiencies. —WITH PTI

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