Jet Airways’ liabilities surge after third consecutive loss

Bloomberg

Jet Airways India Ltd. saw both current- and non-current liabilities surge in the second quarter, after intense competition and low fares led to its third consecutive quarterly loss.
Current liabilities rose to 160 billion rupees ($2.2 billion) as of September 30, compared with 142 billion rupees as of March 31, while non-current liabilities jumped 30 percent during the same period.
The loss at the nation’s biggest full-service carrier is the latest sign that Indian airlines are struggling to survive in a market where competition has depressed fares and high fuel prices negate gains from a surge in demand for air travel. Jet Airways continues to engage with financial stakeholders to support funding requirements. It has started a review of its network, including capacity and flight frequencies, signalling some loss-making routes will be cut. The Mumbai-based carrier isn’t the only one in trouble. IndiGo, the low-cost operator, reported a quarterly loss for the first time as a publicly traded company for the three months through September.
SpiceJet Ltd., a budget carrier, has said it’s seeking more time to pay for leased aircraft.