News
– On
Tuesday, Jet Airways notify that its promoter Naresh Goyal has pledged his entire
51 percent stake to Punjab National Bank (PNB) that he has in the company. However,
the company didn’t disclose any further detail while informing to press about
Goyal’s decision. Last year, Abu Dhabi-based Etihad Airways has bought a 24
percent stake in the airlines with about Rs.2,000 crore ($379 million). The
stake sale was made possible when the government allowed foreign direct
investment (FDI) from international airlines into domestic carriers, however,
before that, foreign carriers were not allowed to directly invest in Indian
carriers. This regulation was made for the security reasons, although 49
percent FDI by non-airline payers was allowed to make investment.
Whilst, message announced by
the company, but they didn’t disclose any financial details behind this move. Recently,
the company had accounted an impartial net profit of Rs.70 crore from a loss of
Rs.891 crore during the corresponding period of last fiscal. As the cheapest flight tickets online
had been reporting quarterly profits for first time since 2012, they were able
to take this move on the back of sales of its frequent flyers programme 'Jet Privilege'
for Rs.1,193.78 crore. The company has stopped receiving annual profit since
2008. They expect to return the profits by 2017 by betting on cost cuts and the
launch of more international routes.
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