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India's Jet Airways posts worst quarterly loss
October 23, 2013 / 11:58 AM / 4 years ago

India's Jet Airways posts worst quarterly loss

NEW DELHI, Oct 23 (Reuters) - India’s Jet Airways, in which Abu Dhabi’s Etihad is buying a stake, reported its worst quarterly loss on record as carriers in Asia’s third-biggest economy battle high fuel costs and taxes.

Mumbai-based Jet, India’s second-biggest carrier by domestic market share, reported a net loss of 8.91 billion rupees ($145 million) for the fiscal second quarter to Sept. 30, compared with a net loss of 997 million rupees in the same period a year earlier.

Jet has won the Indian federal cabinet’s approvals to sell a 24 percent stake to Etihad for about $334 million, but is yet to complete the deal as it awaits other approvals. ($1 = 61.6600 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Kenneth Maxwell and Anupama Dwivedi)

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