NEW DELHI: After a series of flip-flops, the Naresh Goyal-promoted Jet Airways finally said it will announce financial results for the June quarter of the current financial year on August 27, 2018. The country’s second-largest carrier said it is planning to raise additional funds by subleasing up to seven of its ATR planes. Jet Airways management, which had previously deferred its quarterly results stating that it needed more time to finalise accounts, on Friday informed exchanges that its board will meet on August 27 to consider the June-quarter earnings.
Also, in order to ease its financial burden, the company is planning to lease some of its aircraft.
If sources are to be believed, Jet Airways is in advanced stage of negotiations with Hyderabad-based regional carrier TruJet to sublease up to seven of its ATR planes. TruJet has reportedly confirmed its discussions with Jet Airways. As per the initial discussion of the deal between the carriers, Jet Airways, which is overburdened by debt, is likely to sublease these planes complete with crew, maintenance and insurance. Currently, it has 15 ATRs in its fleet, while TruJet, which started operations in July 2015, has an all-ATR fleet.
Debt-ridden Jet Airways is also in talks with homegrown non-banking financial companies (NBFCs) to raise around `1,500-2,000 crore to monetise its forward sales.On Friday, shares of Jet Airways partially recovered, up by nearly 3 per cent after this news. The company has been passing through a bad phase after reporting a massive loss of over `1,000 crore in the March quarter of 2017-18 financial year, on account of high crude oil prices and heavy discounts in ticket fares.