Audit panel didn’t recommend result for approval: Jet Airways

Audit panel didn’t recommend result for approval: Jet Airways

By / Business News / Friday, 10 August 2018 08:05

Jet Airways, which is facing financial headwinds, has deferred releasing its earnings for the June-quarter that were expected on Thursday. In a notice to stock exchanges, the airline said that its audit committee did not recommend financial results to the board for its approval, “pending closure of certain matters”. The company did not detail the concerns raised by its audit committee.

Addressing the shareholders earlier on Thursday at the company’s annual general meeting, the airline’s promoter Naresh Goyal said he felt “guilty and embarrassed” as shareholders have lost money, after airlines’ shares plummeted due to the financial woes. Jet Airways’ share has fallen over 12 per cent since July 2, and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95. Amid growing concerns over the airline’s financial health and proposed salary cuts, Goyal said a new committee will be set up to improve public perception and negative publicity about it.

Addressing the shareholders, Goyal said key external factors such as weakening of the Indian rupee and around 16 per cent increase in Brent crude rates with consequent rise in fuel costs and the industry’s inability to pass on increased costs had slowed down the airline’s momentum.

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Hum Hindustani

Hum Hindustani

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