jet airways Reported Year Loss INR 4,129.8 Crores And Appoints Cramer Ball New C E O
The Jet Airways Board met in Mumbai on Tuesday, 27 May 2014 and agreed to a series of critical measures which will lay the foundations to rebuild the business.
Shri Naresh Goyal, Chairman of Airline said: “We need to take stringent measures to ensure our success in this challenging and competitive aviation industry. There can be no short-term solutions. The changes required will take time to implement.”
Jet Airways today reported a full year operating loss of INR 2,076.2 crores (US$346 million) and a non-cash extraordinary write down of INR 936 crores (US$156 million), aircraft-on-ground of INR 417.6 crores (US$70 million) and impairment of goodwill of INR 700 crores (US$117 million). Total reported losses for the year ended 31 March 2014 amounted to INR 4,129.8 crores (US$689 million).
The airline also announced the appointment of Cramer Ball as its new Chief Executive Officer.*
Mr Ball 46, an Australian national, is a certified accountant and an accomplished airline executive with extensive experience at the highest levels of international, domestic and regional aviation sectors.
Etihad Airways President and Chief Executive Officer, James Hogan, and the airline’s Chief Financial Officer, James Rigney, attended the board meeting for the first time, following the conclusion of all regulatory approvals for the UAE carrier’s equity investment in Jet Airways.