Jet Airways on Monday reported a net loss of Rs 1,297.46 crore for the second quarter ended September, against a net profit of Rs 49.63 crore a year ago.
On a consolidated basis, the airline's net loss stood at Rs 1,261 crore for the second quarter of the current fiscal year ending March, against a net profit of Rs 71 crore in the year-ago quarter.
The private carrier said that it faced a tough industry environment in the backdrop of a sharp rise in Brent fuel price by more than 50 per cent during the quarter, a depreciating rupee and a challenging pricing situation in an over-capacitated domestic market.
"At the strategic level, the company remains committed and is on track to realise most of the outcomes that were outlined as part of its turnaround strategy last quarter...," the company said in a statement.
The company had outlined measures such as cost savings in excess of Rs 2,000 crore over the next two years via strategic initiatives in the areas of sub-fleet simplification, reduction of maintenance as well as selling and distribution expenses, renegotiation of contracts, together with a more productive resource deployment geared to enhance profit and revenue.
"In fact, the company has already realised cost saving of over Rs 500 crore to date (in H1FY19)," the statement said.
"Simultaneously, Jet Airways is exploring further opportunities to enhance revenues by undertaking several calibrated steps to improve yields in the domestic market, fine-tune revenue management practices and use the advantages of connectivity over its hubs to improve volumes."