May 27: Jet Airways (India) Ltd today posted a record quarterly loss for the three-months ended March 31 as costs jumped and the airline offered discounts amid high competition.
Jetís standalone net loss widened to Rs 2,153.57 crore from a loss of Rs 495.53 crore in the same period the previous year. Total income, however, jumped to Rs 4,566.17 crore from Rs 3,921.92 crore in the year-ago period.
Expenses rose largely on account of higher fuel costs, which increased to Rs 1,906.39 crore from Rs 1,654.70 crore.
In its board meeting today, the airline appointed Cramer Bell as its CEO.
Jet said it had an equity investment of Rs 1,645 crore in Jet Lite (India) Ltd, its wholly owned subsidiary, and that it has also advanced an interest free loan amounting to Rs 1,963.92 crore as on March 31, 2014.
For the full fiscal, the airline reported a net loss of Rs 3,667.85 crore against Rs 485 crore in fiscal 2013.
Total income increased to Rs 17,713.47 crore during the year from Rs 17,403.17 crore in the previous fiscal.
Wirerope and specialty steel maker Usha Martin has reported a consolidated net loss of Rs 9.68 crore in the fourth quarter of 2013-14 against a profit of Rs 22.11 crore in the same period a year ago.
Consolidated net sales increased to Rs 1,252.56 crore during the quarter from Rs 947.71 crore in the same period a year ago.
Rajeev Jhawar, managing director of Usha Martin, attributed the loss to higher depreciation and interest charges, lower realisation from wireropes and higher cost of raw material.
While finance costs increased from Rs 91.62 crore to Rs 123.71 crore, depreciation and amortisation expenses increased from Rs 71.19 crore to Rs 91.10 crore during the quarter.
Usha Martin chairman Prasant Jhawar said the company had appointed consultancy firm Accenture to improve its operational efficiency and control costs.
Britannia Industries has posted a 17.19 per cent growth in consolidated net profit at Rs 108.12 crore in the March quarter against Rs 92.26 crore in the same period the previous fiscal.
The company focused on expanding the distribution in urban centres and widening rural reach.
Total income from operations rose 9.73 per cent to Rs 1,812.44 crore from Rs 1,651.67 crore in the year-ago period.