(MENAFN) Jet Airways Ltd. said that it plans tough measures this year to return to profit after posting its worst ever loss in the first quarter of the current year, according to Arab News.
The company's net loss led by high costs, low fares and heavy competition which is likely to boost with two new carriers expected to enter the market this year.
Jet Airways, which has not reported an annual profit since 2007, reported its biggest-ever annual loss of USD700 million for the three-month period.
Kapil Kaul, chief executive for South Asia at aviation consultancy Center for Asia Pacific Aviation, said: "These numbers should serve as a wake-up call."
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