Jet Q3 profit crashes by 52.9

8216;8216;Due to the shortage of pilots, we had to cancel as many as 1,000 flights in the October-November period which is the peak travel season. This significantly affected our revenues and our bottomline,8217;8217; Jet Airways executive director Saroj Dutta said.

The period also saw increased competition in the Indian aviation sector with a lot of airlines starting operations in this period. 8216;8216;We also had to face increased intensity of competition in this period,8217;8217; he added.

Total income for the airline during the reporting quarter, however, increased to Rs 1,499.03 crore as against Rs 1,230.90 crore in Q3 of last fiscal.

On the airline8217;s proposed FCCB issue, Dutta said that the board had given an in-principal approval to the issue but said that the company was still working out the modalities as to how much money it would raise through it.