Jet Airways says debt is serviced on time despite cost pressures

Jet Airways, the carrier trading at the lowest since June 2015 on deteriorating finances and rising default risk on its debt obligations, said it is servicing all its loans on time in spite of surging fuel prices. “We are regular in all our payment obligations to all our banks and statutory dues including provident fund obligations. Our account with all the banks as on date is standard,” the company said Saturday. The carrier had a total debt of INR94.3b (US$1.4b) as of March 31, 2018. Jet Airways says it has been continuously working on “various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee.” The firm’s total debt ballooned to 55.4 times earnings before interest and tax as of March 31, compared with 4.9 times the previous year. <br/>