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Jet Airways defers Q1 result announcement facing financial headwinds, pending closure of 'certain matters'


Jet Airways defers Q1 result announcement facing financial headwinds, pending closure of 'certain matters'

Mumbai: Facing financial headwinds, in a rare development, Jet Airways has deferred announcing the June quarter numbers to an unspecified late date.

In a BSE filing late on Thursday evening, the Naresh Goyal-run airline, which had its AGM in earlier in the day, said the board of directors decided not to review the unaudited financial performance for the June quarter.

"The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters," the airline said in the regulatory filing without offering more details.

Addressing shareholders, Goyal said competition, as well as fuel prices, are on the rise.

Addressing shareholders, Goyal said he felt "guilty and embarrassed" as shareholders have lost money, after airlines' shares plummeted due to the financial woes.

 

Amid rising concerns over the airline's financial health and proposed salary reductions for employees, the Jet Airways Chairman said a new committee would be set up to improve public perception and negative publicity about it.

All perceptions about the company will be corrected through a new executive committee. The airline's directors -- Naseem Zaidi and Ashok Chawla -- would be chairing the meetings of the new executive committee, Goyal said.

 

While noting that the airline has a very strong codeshare network with partners globally, Goyal said it is also looking at cooperation with Air India in terms of engineering and flight operations.

Several meetings have also been held with Air India Chairman and Managing Director Pradeep Singh Kharola, he added.

The Jet counter slumped over 12 percent since 2 July and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95. From its 52-week high of Rs 883.65 on 5 January, 2018, the counter tumbled 67.5 percent to hit a one-year low of Rs 286.95 in intra-day trading on Thursday.

Amid rising concerns over the airline's financial health and proposed salary cuts, he said a new committee will be set up to improve public perception and negative publicity about it.

Source : https://www.firstpost.com/business/jet-airways-defers-q1-result-announcement-facing-financial-headwinds-pending-closure-of-certain-matters-4933741.html

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