Free Press Journal

Jet gets $300 mn as lease incentives, debt from banks


Jet Airways mid-air horror, Jet Airways, DGCA, Directorate General of Civil Aviation, support, mumbai, Jet Airways horror

Mumbai : Cash-crunched Jet Airways on Tuesday said it has received an liquidity support of $300 million in the form of advance lease incentives and borrowings from domestic banks.

The airline, which reported a second consecutive quarterly loss of Rs 1,323 crore in the June quarter, also reiterated that both the airline and its auditors are on the same page.

The company got a liquidity support of $300 million towards lease incentives and bank borrowings, Jet Airways deputy CEO and CFO Amit Agarwal said.

Agarwal, however, did not give the breakup, but said, “A large proportion of it came from lease incentives.”

The airline on Monday reported a Rs 1,323 crore of net loss due to higher fuel cost, falling rupee and low fares. Total income marginally improved to Rs 6,066 crore, from Rs 5,953 crore a year ago.

Jet had reported a loss of Rs 1,036 crore in March quarter. CEO Vinay Dube said that there was no difference of opinion with the auditors and they continued to audit the company’s accounts.