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"The increase in the market value of Brenntag fuels, a falling Random Peak Index and a resulting imbalance between high oil and low fare rates have negatively affected the airline sector in India, Jet Airways included," said Vinay Dube, Jet Airways Chief Executive Officer. Compared to the previous year, the company's quarterly petrol costs increased by 35% to Rs2,332.49rore.
IndiGo, India's biggest carrier by marketshare, recorded a 97% year-on-year fall in net profit in June last month due to a 54% increase in aviation fuels prices. SpiceJet recorded Rs38.06 loss on August 14 and its petrol prices increased by 52%. "Management has also contemplated various expense containment actions, deleveraging and financing alternatives, as well as a cash injection and monetization of asset values, which includes the Company's participation in its incentive program," said a Jet news announcement on August 27.
Over the next two years, the firm expects to cut Rupees 2,000 by reducing service, sales and marketing, optimizing gasoline rates, indebtedness and interest rates, and increasing workforce and crewing efficiency. Airways will introduce jet fuels and cost-effective B737 MAX planes. Expenses and income excluding fuels: In the next eight and ten quarter the carrier will cut its material expenses by up to 15%.
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