• Monday, August 15, 2022

Business

India’s beleaguered Jet Airways posts loss

Jet Airways

By: Sarwar Alam

India’s embattled Jet Airways posted a first-quarter loss on Monday, blaming high fuel prices and a weak rupee. The carrier, India’s second-largest by market share, said it had recorded a loss of 13.23 billion rupees ($189 million) for the three months ended June 30 compared with a profit of 535 million rupees for the same period a year earlier. “The rise in the price of Brent fuel, a depreciating rupee and a resulting mismatch between high fuel prices and low fares have adversely impacted the Indian aviation industry, including Jet Airways,” CEO Vinay Dube said in a statement. The airline’s financial situation has been the…

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