India's Jet plans big cost cuts after record Q4 loss
It names new CEO, plans network, fleet changes as FY loss rises to 41.3b rupees
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[NEW DELHI] India's Jet Airways, partly owned by Gulf carrier Etihad, announced on Tuesday its biggest quarterly loss and vowed "stringent" cost-cutting steps as it struggles to become profitable in the fiercely competitive market.
The country's second-largest airline by market share reported its net loss jumped to 21.54 billion rupees (S$458.5 million) for the financial fourth quarter ended March 31 from 4.96 billion rupees in the same period last year amid soaring costs.
The publicly traded airline's net loss for the year soared to 41.3 billion rupees from the 7.8 billion rupees loss it posted the previous year.
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