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Jet Group’s Q1 net loss Rs 1,326 cr (Lead)

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Mumbai, Aug 27 (IANS) Jet Airways Group on Monday reported a net loss of Rs 1,326 crore for the first quarter of 2018-19 from a net profit of Rs 58 crore earned during the corresponding period of the previous fiscal.

On a standalone basis, the airline’s net loss stood at Rs 1,323 crore from a net profit of Rs 53.5 crore reported for the corresponding quarter of the previous fiscal.

According to the airline, an increase in Brent fuel price by more than 36 per cent, along with a weak rupee and a mismatch between high fuel prices and low fares primarily undermined its financial performance during the quarter under review.

The company on August 9 had deferred to consider the financial results due to “pending closure of certain matters”.

“The Board of Directors, based on the recommendation of the Audit Committee, approved the company’s financial results for the quarter ended June 30. In their review of the financial results, the statutory auditors have issued an unmodified opinion on the results,” a company statement said.

“Given the challenging business environment, Jet Airways has been implementing additional measures to reduce costs and achieve greater efficiencies of operations.”

Besides, the airline’s Board considered various cost-cutting steps, debt reduction and funding options, including infusion of capital, monetisation of assets, including the company’s stake in its “Loyalty programme” to shore up its financial position.

“The two significant proposals considered by the Board of Directors on Monday, i.e., infusion of capital and the monetisation of the airline’s stake in its Loyalty programme bode well for the long-term financial health and sustainability of the airline,” Jet Airways Chairman Naresh Goyal was quoted as saying.

Accordingly, the airline plans to go in for a comprehensive cost reduction programme to reduce expenses totalling Rs 2,000 crore over two years.

“The cost reduction programme covers various facets of the company’s operations, including maintenance costs, selling and distribution costs, fuel rate and optimisation, debt and interest cost reduction and enhancement of crew and manpower productivity,” the statement said.

In addition, the company has decided for a “balance sheet restructuring” which entails capital infusion and debt reduction.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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