Aircraft fuel expenses surged 31 percent for the quarter while foreign exchange losses amounted to Rs 132 crore, the country's second-largest airline by market share said in a statement on Wednesday. Jet Airways flagged that it has incurred a loss during the year and has a negative net worth that "may create uncertainties." It added that it is working to reduce costs, improve operational efficiency and raise funds to address any uncertainties.
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The auditors, referring to the company's note on the uncertainties it may face, said that the assumption of operating as a going concern depends on Jet Airways realising various initiatives it has undertaken to raise funds or generate cash flows to meet its future obligations.
"Our opinion is not modified in respect of this matter," they said.
"Jet has been hurt more as they have more exposure in high competition routes and they face IndiGo in most of these places," said Gagan Dixit, analyst with Elara Capital.
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"Slightly lower yields, plus maintenance expense and exchange losses affected them in this quarter. The loss is a negative surprise ... I'd expected a marginal profit of Rs 250 million," Dixit said.
Oil prices continue to remain a concern, he added.