Jet Airways (India) Ltd. reported stand-alone net loss for the fourth-quarter that widened from last year, on higher costs.
At the EGM held today, the shareholders gave approval for the sale of 24 percent stake to Etihad Airways.
Stand-Alone Results
The Mumbai-based company posted fourth-quarter stand-alone net loss of Rs.495.53 crore or Rs.57.40 per share, compared with a net loss of Rs.298.12 crore or Rs.34.53 per share in the corresponding quarter of the preceding year
Results for the quarter included charge of Rs.159.90 towards salary arrears and a charge of Rs.7.64 crore, compared with a charge of Rs.39.85 crore towards unrealized exchange loss.
Further, results for the quarter included gain of Rs.293.14 crore in Q4FY12 towards compensation credit and a gain of Rs.8.54 crore, compared with a gain of Rs.6.31 crore in the year-ago quarter, on marked-to-market on derivatives.
Its quarterly net income was Rs.3,840.27 crore, flat with last year's Rs.3,842.38 crore, while other operating income totaled Rs.81.65 crore, compared with Rs.199.23 crore a year ago.
During the quarter, income from 'Domestic' segment was Rs.1,627.13 crore, compared with Rs.1,721.68 crore last year, a decline of five percent, while that of 'International' segment totaled Rs.2,294.79 crore, down by one percent from the Rs.2,319.93 crore a year ago.
For the year, the company reported a net loss of Rs.485.50 crore, compared with a net loss of Rs.1,236.10 crore a year-ago. Total net income, including other operating income, rose by 14 percent to Rs.16,852.59 crore from the Rs.14,815.91 crore in FY12.
Consolidated Results
For 12 months, the company reported consolidated net loss of Rs.779.28 crore, compared with a net loss of Rs.1,420.13 crore for the corresponding period in the preceding year. Total net income, including other operating income, was Rs.18,840.56 crore, higher by 11 percent than the Rs.16,703.22 crore in the previous year.
At the EGM held today, the shareholders gave approval for preferential allotment of 2,72,63,372 equity shares of Rs.10 each or 24 percent voting rights to Etihad Airways PJSC at a price of 754.7361607 apiece. The preferential allotment of shares is subject to the fulfillment of certain conditions precedent including approval of the Foreign Investment Promotion Board and the competition Commission of India.
At the BSE, Jet Airways (India) closed Friday's trading at Rs.562.70, down 3.69 percent from the previous close.
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