Jet Airways, India's largest airline by market capitalisation, reported an increase in losses for the March quarter to Rs 298 crore from Rs 124.5 crore a year-ago. A CNBC TV-18 poll had expected losses to come in at Rs 280 crore.
Total income of the company for the March-ending quarter increased by 24.6 percent to Rs 4,026 crore.
Jet's March quarter losses also increased from the previous quarter when the company posted a loss of Rs 101 crore.
Its fuel cost, which accounts for roughly more than 43 percent of total expenses, rose by 42.5 percent during the quarter.
In a press release, the company said that the airline industry has been adversely affected by the general economic slowdown.
"General economic slowdown coupled with high fuel cost significantly impacted the performance and cash flow of the company and its subsidiary resulting in substantial erosion of the net worth", it said.
The company also said that in spite of an increase in passenger traffic during the year, the impact of the increase in crude oil and the weakening of the rupee were not matched by a corresponding increase in fares.
The company's stock closed marginally lower by 0.48 percent at Rs 320 per share. However, it has gained 11.9 percent in the past week.
View the press release here.