Jet Airways Q4 net loss widens to 4.96 billion rupees

Last Updated: Fri, May 24, 2013 11:48 hrs

Jet Airways, which recently agreed to sell a 24 percent stake to Gulf carrier Etihad, reported a wider quarterly loss, hurt by higher costs.

Jet said its net loss was 4.96 billion rupees for its fiscal fourth-quarter ended March, compared with a net loss of 2.98 billion rupees reported a year earlier.

Etihad's about $370 million investment in Jet is the first by an overseas operator in an Indian airline since ownership rules were relaxed and provides Jet with a deep-pocketed global partner as well as cash to retire debt.

($1 = 55.6400 Indian rupees)

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