Kingfisher Airlines seeks govt help, Jet Airways swings to loss
MUMBAI/NEW DELHI: Jet Airways, India’s top airline by market share, on Friday said it swung to a net loss, compared with a profit a year ago, hurt by rising fuel prices and a forex loss in the quarter.
For the quarter ended September, Jet Airways reported a net loss of 7.13 billion rupees for July-Sept, compared with 124 million rupees a year ago.
Total income rose to 32.93 billion rupees from 30.67 bilion. “Tough pricing environment, lean season impact and high fuel prices impacted the results,” the carrier said in a statement.
By: nJayM - 16th November 2011 at 14:21
Without saying to a mod I could have told you so – the writing was on the wall
Hi KabirT
Without saying to a mod I could have told you so – the writing was on the wall for many Asian airlines growing faster than they could cope with.
Forecasting software is hardly able to cope with major natural disasters and phenomenal economic collapses. These airlines strategies were based on erroneous forecasts with very little real knowledge of markets or the global airline industry.
This situation will face many of the BRIC countries in the next few years as hopes of cashing in on globalisation fade rapidly.
In countries with their feet firmly on the ground and being able to tighten their belts even more (I include UK in this as although we may seem in a ‘mess’ it isn’t as bad in comparison) they will pull through this economic recession.
In UK research brains, innovation and good marketing will help.
The removal of two errant Scottish banks and the recovery of the Billions lent to them from the UK taxpayer should make good sense in the next few months.
The 2 countries to watch now are China and Brazil
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November 11, 2011 at 4:53 pm