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Jet Airways plans to cut more than $283 million in costs over the next two years, following a reported loss of 13.3 billion rupees, almost US$188 million, in its fiscal-year first quarter, which ended June 30.
The Indian carrier's fuel prices rose 36 percent in the quarter. It also faced a depreciating rupee amid persistently low fares in India. Jet Airways' turnaround plans include cutting maintenance, sales and distribution costs and selling and leasing back some of its widebody fleet. It also will bring more Boeing 737 Max aircraft, 225 over the next 10 years, into its fleet to improve fuel efficiency.
Jet Airways continues to expand its network, however. It plans to add 28 flights in the coming month, including 14 flights from Indore, the largest city in the state of Madhya Pradesh, to:
That growth is meant "to meet the expected surge in demand over the coming months" and "will also benefit small and medium enterprises, as well as corporate travelers who will be able to enjoy day-return flights," according to Jet Airways SVP of worldwide sales and distribution Raj Sivakumar.
Other growth over the next month will include expanding capacity on existing routes and launching nonstop flights between Bengaluru and Lucknow, between Kolkata and Chandigarh, between Coimbatore and Hyderabad and between Visakhapatnam and both Mumbai and Delhi.
Etihad Aviation Group owns a portion of Jet Airways. While Etihad in recent years has pulled its investments from some financially struggling airlines, including Airberlin and Alitalia, an Etihad spokesperson said the group remains "committed to our strategic partnership with" Jet Airways.