New Delhi: India’s Jet Airways Ltd said the country’s No. 2 airline by market share will look at selling planes and restructuring its debts as it tries to find ways to end the losses that have plagued it for years.
“We are looking at a lot of consolidation (of our fleet),” Jet’s Chairman Naresh Goyal said today in India’s capital. Goyal said the carrier is talking to its bankers, without giving details of the discussions.
Like all but one of India’s major airlines, Jet – partly owned by Gulf carrier Etihad Airways – is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
While rising numbers of Indians have taken to air transport, domestic operators have struggled to translate that into profits.
Indian airlines lost a combined US$1.3 billion (RM4.12 billion) in the year to March, according to estimates from the Centre for Asia Pacific Aviation consultancy.
Jet, which has not reported an annual profit since 2007, set out a three-year restructuring plan in May centred on cutting costs and boosting efficiency.
23/07/14 Malaysian Digest
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“We are looking at a lot of consolidation (of our fleet),” Jet’s Chairman Naresh Goyal said today in India’s capital. Goyal said the carrier is talking to its bankers, without giving details of the discussions.
Like all but one of India’s major airlines, Jet – partly owned by Gulf carrier Etihad Airways – is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
While rising numbers of Indians have taken to air transport, domestic operators have struggled to translate that into profits.
Indian airlines lost a combined US$1.3 billion (RM4.12 billion) in the year to March, according to estimates from the Centre for Asia Pacific Aviation consultancy.
Jet, which has not reported an annual profit since 2007, set out a three-year restructuring plan in May centred on cutting costs and boosting efficiency.
23/07/14 Malaysian Digest
