eap

Jet Airways at forefront of troubles for India’s airlines

Jet Airways is looking to raise money as it struggles to cope with a jump in fuel prices that has left India’s fast-growing aviation sector facing big losses. Jet Airways has said it is “exploring sources of funding [as a] priority”, days after it deferred releasing its quarterly results saying it needed more time to complete its accounts. It did not say how it intended to do so. Analysts expected the company to announce a second consecutive quarter of losses as it adjusts to higher oil prices and a weaker rupee, but it announced last Thursday it would postpone the results indefinitely. Jet’s problems have added to the sense of uncertainty surrounding the industry in India, which had until recently enjoyed several years of soaring profits as millions of Indians began to travel by air for the first time. <br/>