Regional Round-Up
Losses mount at Jet Airways
June 1st 2014
Cramer Ball, the former CEO of Air Seychelles and a protégée of Etihad boss, James Hogan, will have his work cut out for him in his new role as CEO of India’s Jet Airways. Read More »
Now 24% owned by Etihad Airways, Mumbai-based Jet Airways has reported a Rs 42 billion(S$689 million) loss for the year to March 31.
It was the highest loss the airline had recorded and its seventh consecutive year of red ink.
Etihad has invested US$750 million in the failing carrier, including $380 million for its equity holding, $70 million for three Heathrow London airport slots and $300 million for a share in a frequent flyer program and bank financing.
Hogan said, after he attended his first board meeting as a director of the carrier, that Etihad is a long-term strategic investor committed to taking Jet back to sustainable profitability.
