Mumbai, May 24: India's leading private sector airliner Jet Airways reported net loss of Rs 2.98 billion for the Jan-Mar quarter of fiscal 2012-13 as depreciating rupee against dollar and rising fuel cost effected the earning.
However, as the major rival Kingfisher Airline had to stop international and Cancel domestic flights due to financial woes, Jet's revenue rose 24% on-year to $49.4 billion in the quarter.
Commenting on the fifth consecutive quarterly loss, chief executive Nikos Kardassis said, "Rupee depreciation and fuel prices has impacted the quarterly results. However, capacity reduction in the industry has helped to raise fares and improve yields."
Whole aviation industry of India is struggling as of now, as country's flagship carrier Indian Airlines is battling with finance as well as labor issues. On the other hand, once the poster boy of aviation industry liquor baron Vijay Mallaya-owned Kingfisher is struggling to pay $1.3 billion debt.
To add more pain to air-wound, rupee depreciated from 48 to 53 level against dollar making jet fuel costlier.
"Rupee depreciation and crude oil prices continue to be a cause of concern. This coupled with sluggish economy could impact traffic growth to some extend in the short to medium term," the further said.
Earlier last week media reports, referring consultancy firm, suggested that Jet may order 100 narrowbody aircraft for up to $3.75 billion in FY13, increasing the fleet size to over 200.
Jet, along with low-cost arm JetKonnect, controls 28.2% market share in local routes.
Shares in Jet closed at Rs 320.65, down 0.5% on Thursday.