Amid reports that Abu Dhabi-based carrier Etihad Airways is in advanced stages to buy a stake in Jet Airways, some trouble seems to be brewing at the airline.
Technicians at Jet Airways, across the country, are at their workstations wearing black bands. They are protesting poor hike in their salaries and also clearance of arrears that have been pending since the last three to four years.
Sources tell NDTV that pilots are also likely to join the protesting technicians, as even they have been demanding an immediate payment of arrears due since the last few years.
Operations of the airline are normal.
The stock of the airline closed the day on the Bombay Stock Exchnage (BSE) at Rs 602.25, down 1.57 per cent.
The airline had reported sharply reduced losses in the September quarter at Rs. 99.7 crore against Rs. 713 crore last year amid 26 per cent growth in operating income and Rs. 89.6 crore forex gains.
Naresh Goyal-owned company had reported a forex loss of Rs. 276 crore in the corresponding quarter last year.
Net sales rose to Rs. 4,190 crore, up 25.8 per cent from comparable period last fiscal, the company said in a release.
Besides, Ebitdar (earnings before interest, tax, depreciation, amortisation and aircraft rent) margins at its
domestic operations rose 9.3 per cent, against a negative margin of 8.1 per cent in the corresponding quarter last fiscal.
Jet Airways, which has recently lost its market domination to no-frills carrier IndiGo and was placed at the
third slot in the October market share sweepstake after IndiGo and state-owned Air India, had posted Rs. 24.70 crore profit in the June quarter after reporting losses for five consecutive quarters.