New Delhi: Jet Airways, which is undergoing an insolvency resolution process, saw its loss widening to Rs 5,535.75 crore in the year ended March 2019, mainly due to surge in expenses.
The full service carrier, which shuttered operations in April last year, had a loss of Rs 766.13 crore in 2017-18. These figures are for standalone comprehensive losses.
Two resolution plans have been received for the airline and those are under evaluation.
In 2018-19, the airline’s total income declined to Rs 23,314.11 crore from Rs 23,958.37 crore in the year-ago fiscal, according to a regulatory filing.
Total expenses surged to Rs 28,141.61 crore in 2018-19, mainly on account of higher fuel costs.
After stopping operations on April 18, the airline went into Corporate Insolvency Resolution Process (CIRP) in June 2019.
The financial statements have been signed by Jet Airways Resolution Professional Ashish Chhawchharia.
In a statement, that is part of the regulatory filing, Chhawchharia said he was not in a position to provide the consolidated financial results, as the subsidiaries of the company are separate legal entities, also currently non-operational and that he was facing huge difficulty in obtaining relevant data from the said subsidiaries.
The results for the year ended March 2019 were submitted to the stock exchanges past midnight Tuesday.
All the directors, CEO, CFO and company secretary had resigned from their respective positions in the company prior to commencement of the CIRP.
“Resolution plans have been received from two resolution applicants on July 21, 2020, which are currently under evaluation. Pending outcome of the CIRP, financial statements of the company have been prepared ongoing concern basis,” the filing said.
The last date for submission of resolution plans was July 21.
Shares of the airline dropped nearly 5 per cent to its lowest trading permissible limit for the day at Rs 29.10 apiece on the BSE.
PTI
