New Delhi: Jet Airways, India's No.2 airline by market share, will look at selling planes and restructuring its debts in its quest to turn profitable in the next three years.
The airline, which suffered a loss of Rs 4,130 crore in 2013-14, said it was planning a major overhaul of its fleet and products.
"We plan to reduce losses in 2015, consolidate in 2016 and turn profitable in 2017... We are already on track as our international business has turned profitable. We now have to take our business forward," Jet's CEO designate Cramer Ball told reporters. Ball is yet to get necessary clearances to take over his position.
Like all but one of India's major airlines, Jet, in which Gulf carrier Etihad recently bought a 24% stake, is losing money fast, beset by high costs, low fares and cut-throat competition in the domestic market.
24/07/14 Daily News & Analysis
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The airline, which suffered a loss of Rs 4,130 crore in 2013-14, said it was planning a major overhaul of its fleet and products.
"We plan to reduce losses in 2015, consolidate in 2016 and turn profitable in 2017... We are already on track as our international business has turned profitable. We now have to take our business forward," Jet's CEO designate Cramer Ball told reporters. Ball is yet to get necessary clearances to take over his position.
Like all but one of India's major airlines, Jet, in which Gulf carrier Etihad recently bought a 24% stake, is losing money fast, beset by high costs, low fares and cut-throat competition in the domestic market.
24/07/14 Daily News & Analysis
