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Jet Airways News -- Part 15
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deaphen
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PostPosted: Wed Jul 04, 2018 9:57 pm    Post subject: Reply with quote

VT-JXB, 9W's second 737-8MAX is enroute India.

Nitin
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dan
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PostPosted: Sun Jul 08, 2018 11:03 pm    Post subject: Reply with quote

Saw it parked closer to runway 27 in BOM this morning. Looks great in 9W livery with the split scimitar winglets.
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justbala
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PostPosted: Mon Jul 09, 2018 10:10 pm    Post subject: Reply with quote

What is the status of 9W and EY now? They have stopped announcing the EY partner welcome. The EY partner logo has vanished from the boarding passes.

Do 9W plat/gold members still earn privileges and benefits while flying EY like before?
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Caliguy
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PostPosted: Tue Jul 10, 2018 6:21 pm    Post subject: Reply with quote

justbala wrote:
What is the status of 9W and EY now? They have stopped announcing the EY partner welcome. The EY partner logo has vanished from the boarding passes.

Do 9W plat/gold members still earn privileges and benefits while flying EY like before?


The 9W/EY relationship is totally weird for an investment relationship. I've always wondered what the real deal is between them. For instance if EY really did invest in them (for an equity stake), why not lease on the cheap planes to 9W so that they can serve more routes. If 9W is super strong, EY would have benefitted as the second frequency being one stop via AUH. Just like DL/AF/KL do. You might fly nonstop JFK-MAD but return MAD-CDG-JFK so you can leave MAD in the afternoon instead of am. What ever, 9W should just sell their soul to DL/AF/KL/VS. At least DL knows how to run an airline and grow most investments.
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Aseem
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PostPosted: Tue Jul 10, 2018 7:28 pm    Post subject: Reply with quote

I get the feeling that something stops 9W from achieving its full potential. Got to be the people who run it. All said and done, AI has better route map that 9W, with all the latter's hype.

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justbala
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PostPosted: Tue Jul 10, 2018 10:10 pm    Post subject: Reply with quote

Caliguy wrote:
justbala wrote:
What is the status of 9W and EY now? They have stopped announcing the EY partner welcome. The EY partner logo has vanished from the boarding passes.

Do 9W plat/gold members still earn privileges and benefits while flying EY like before?


The 9W/EY relationship is totally weird for an investment relationship. I've always wondered what the real deal is between them. For instance if EY really did invest in them (for an equity stake), why not lease on the cheap planes to 9W so that they can serve more routes. If 9W is super strong, EY would have benefitted as the second frequency being one stop via AUH. Just like DL/AF/KL do. You might fly nonstop JFK-MAD but return MAD-CDG-JFK so you can leave MAD in the afternoon instead of am. What ever, 9W should just sell their soul to DL/AF/KL/VS. At least DL knows how to run an airline and grow most investments.


To be fair I have done that with 9W/EY - flew BLR-MAA-CDG on 9W and CDG-AUH-BLR on EY.
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Caliguy
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PostPosted: Wed Jul 11, 2018 6:34 pm    Post subject: Reply with quote

justbala wrote:
Caliguy wrote:
justbala wrote:
What is the status of 9W and EY now? They have stopped announcing the EY partner welcome. The EY partner logo has vanished from the boarding passes.

Do 9W plat/gold members still earn privileges and benefits while flying EY like before?


The 9W/EY relationship is totally weird for an investment relationship. I've always wondered what the real deal is between them. For instance if EY really did invest in them (for an equity stake), why not lease on the cheap planes to 9W so that they can serve more routes. If 9W is super strong, EY would have benefitted as the second frequency being one stop via AUH. Just like DL/AF/KL do. You might fly nonstop JFK-MAD but return MAD-CDG-JFK so you can leave MAD in the afternoon instead of am. What ever, 9W should just sell their soul to DL/AF/KL/VS. At least DL knows how to run an airline and grow most investments.


To be fair I have done that with 9W/EY - flew BLR-MAA-CDG on 9W and CDG-AUH-BLR on EY.


Agreed. They just had so much more potential to expand that offering. Instead EY tried to limit 9W’s network west (if these forums are to be believed). Also EY keeps planes on the ground in AUH. 9W would be a perfect place for some cheap leases. What I like about the 9W/DL partnership is that DL/VS/AF/KL are happy to have 9W fly routes from India to EU (encourage 9W to expand) and, I think, will have them flying to the US once a JV is in place.
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nadarji
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PostPosted: Wed Jul 11, 2018 7:25 pm    Post subject: Reply with quote

With EU flights from MAA and BLR, it would have been good for 9W to operate connector flights from other parts of the south (COK, TRV, CCJ, IXM, CJB, TRZ) to either MAA or BLR. This year checking fares from BOS to TRV, did see a lot of good fares on EU carriers + 9W/AI, which usually doesnt happen. The long transit times at BOM or DEL is the other part of this puzzle that has to be solved.
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justbala
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PostPosted: Tue Jul 31, 2018 7:12 pm    Post subject: Reply with quote

9W launching HYD-IDR-IXC and BLR-GAU non-stop.
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luvleen
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PostPosted: Fri Aug 03, 2018 11:23 am    Post subject: Reply with quote

Can’t fly beyond 60 days, Jet Airways tells staff

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/cant-fly-beyond-60-days-jet-airways-tells-staff/articleshow/65251532.cms

Quote:
NEW DELHI: Jet Airways has informed its employees that the airline will not be able to operate beyond 60 days unless cost cutting measures, which include pay cuts, are put in place, two executives confirmed to ET.

The management team, including its chairman Naresh Goyal, informed employees in face-to-face meetings in recent days in Mumbai and Delhi that the airline’s financials are in a bad shape and drastic measures needed to be taken to cut costs.

The warnings of low cash levels have rattled employees at India’s oldest private sector airline, who have been told in recent days to take up to 25% cut in salaries, and triggered protests.

ET was the first to report about the pay cuts on Wednesday.

Employees are trying to figure out what to make of these warnings with some saying that the situation probably has been exaggerated to make some employees leave.

“We have been informed that the airline cannot run beyond two months and the management needs to cut cost through pay cuts and other means to ensure that it stays afloat beyond that. The airline did not inform us about all this all these years which has dented trust of employees in the management,” said one Jet Airways senior executive who did not want to be identified

Jet Airways said it is implementing several measures to cut cost.

But the airline did not give specific answer on the 60-day deadline given to employees.

“In line with its stated focus of creating a healthier and a more resilient business, Jet Airways has been implementing several measures to help it reduce cost as well as realise higher revenues, for desired business efficiencies.

Some of these include sales and distribution, payroll, and maintenance, among many others. As part of this approach, the airline management is in dialogue with key stakeholders to enlist their full support and cooperation for realising necessary savings across all parts of the business,” Jet Airways said in a response.

“The airline is committed to create a growth-oriented, sustainable future and a revitalised guest experience armed with the addition of 225 B737 MAX fuel-efficient aircraft which will be inducted in its fleet over the next decade, and of which 11 are slated to join within this financial year. The airline refutes and strongly condemns the speculative comments of/from certain vested interests, who are making deliberate attempts to undermine Jet Airways’ transformation efforts,” it added.

Executives said that the airline has also started firing people across functions and has already asked some people from the engineering department to leave. “In the engineering department, head of line for Delhi has been asked to leave. Job losses will start to happen in functions like cabin crew and ground handling,” executives added.

The airline has also decided to waive the bond terms of seven years or Rs 1 crore for its first officers and the mandatory one year notice period for pilots, including commanders.

The airline’s management team, headed by founder Goyal, met employees in Mumbai and told them that the cut will be for 24 months and that no refunds will be made. On Thursday, the management met employees in Delhi but Goyal did not attend the meeting.

The management has blamed rising fuel prices and major market share gains by IndiGo for its precarious financial position, the executives said. After two consecutive years of profits in fiscal 2016 and 2017, Jet incurred losses of about Rs 767 crore in FY2018. Industry analysts say that it is likely to report a loss of Rs 1,000 crore in the first quarter of the current fiscal.

Jet is not the only carrier to be affected by intense cut-throat competition and rising fuel costs. IndiGo, India’s largest carrier by passengers flown, reported a 91% drop in profits for the first quarter of this fiscal on Monday.
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The_Goat
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PostPosted: Fri Aug 03, 2018 12:38 pm    Post subject: Reply with quote

luvleen wrote:
Can’t fly beyond 60 days, Jet Airways tells staff

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/cant-fly-beyond-60-days-jet-airways-tells-staff/articleshow/65251532.cms



Blimey!

Things are looking pretty shaky at 9W, it seems.

I think they should end the AMS and CDG flights. Can't see those being profitable. They should consider flying directly to the US. If AI can make the HYD-DEL-ORD and the BOM-DEL-JFK routes work, surely 9W can.
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justbala
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PostPosted: Fri Aug 03, 2018 1:11 pm    Post subject: Reply with quote

The_Goat wrote:
luvleen wrote:
Can’t fly beyond 60 days, Jet Airways tells staff

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/cant-fly-beyond-60-days-jet-airways-tells-staff/articleshow/65251532.cms



Blimey!

Things are looking pretty shaky at 9W, it seems.

I think they should end the AMS and CDG flights. Can't see those being profitable. They should consider flying directly to the US. If AI can make the HYD-DEL-ORD and the BOM-DEL-JFK routes work, surely 9W can.


On the contrary CDG and AMS flights are doing well for them. This seems to be a case of reducing the acquisition cost for DL/AF to pick up the EY stake.
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The_Goat
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PostPosted: Fri Aug 03, 2018 5:29 pm    Post subject: Reply with quote

justbala wrote:


On the contrary CDG and AMS flights are doing well for them. This seems to be a case of reducing the acquisition cost for DL/AF to pick up the EY stake.


Really?

So 9W declares 'bankruptcy' only so that it's share values tank, thereby making it easier for DL/AF to acquire EY's stake. And they think EY is so full of bungling oafs that they won't see through the game?

This is beyond ridiculous. What confidence will 9Ws investors have in the company if it indulges in such slimy games?

Only goes to show that NG, despite all his achievements, is still a two bit dalal.
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iah87
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PostPosted: Fri Aug 03, 2018 7:53 pm    Post subject: Reply with quote

The_Goat wrote:
luvleen wrote:
Can’t fly beyond 60 days, Jet Airways tells staff

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/cant-fly-beyond-60-days-jet-airways-tells-staff/articleshow/65251532.cms



Blimey!

Things are looking pretty shaky at 9W, it seems.

I think they should end the AMS and CDG flights. Can't see those being profitable. They should consider flying directly to the US. If AI can make the HYD-DEL-ORD and the BOM-DEL-JFK routes work, surely 9W can.


Primary reason is the fuel price increase. Even Indigo has reported 91% drop in profits. Additional factors are intense competition in domestic sector, inability of Jet to expand from BOM in the domestic sector due to airport constraints.

I suspect CDG-MAA flight is probably not doing too well with LH, EK, QR, BA , AI covering most of the European and US/Canada connections, there cannot be much more traffic to be had.
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747-237
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PostPosted: Sat Aug 04, 2018 12:27 am    Post subject: Reply with quote

Statement via email :

You might have read recent media reports questioning the sustainability of our airline. We have already clarified to the media that these reports are factually incorrect and malicious.
The Indian aviation sector is experiencing strong growth and Jet Airways is well placed to be a part of this growth story. We are committed to creating a growth-oriented and sustainable future for all our stakeholders. We will continue to expand our network, both domestic and international, and revitalise our guest experience. This will be augmented with the addition of 225 Boeing 737-MAX fuel efficient aircraft, 11 of which are scheduled to be inducted into our fleet this fiscal.
Despite the high growth environment, the aviation industry is currently passing through a challenging phase, given a depreciating rupee and the mismatch between high fuel prices and low fares. Needless to state that Jet Airways has been in existence for over 25 years and through these years, we have been successful in combating such business volatility.
Jet Airways will continue to accord the highest priority to safety, backed by our signature warm Indian hospitality and reputed award-winning loyalty programme.
Thank you for your continued patronage and support.
Regards,
Vinay Dube
Chief Executive Officer

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747-237
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PostPosted: Sat Aug 04, 2018 2:56 am    Post subject: Reply with quote

Jet Airways increases planned Manchester service from Nov 2018

Jet Airways in this past week’s schedule update filed additional frequency for its planned Mumbai – Manchester route, set to commence on 05NOV18, subject to Government Approval.
The airline currently displays 5 weekly flights, instead of 4, with extra flight added on Fridays, with Airbus A330-200 aircraft.

9W130 BOM0230 – 0755MAN 332 x23
9W129 MAN0935 – 0040+1BOM 332 x23


Source: Airlineroute.net
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The_Goat
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PostPosted: Mon Aug 06, 2018 12:23 pm    Post subject: Reply with quote

Jet Airways plane attempts take-off from taxiway in Riyadh

https://timesofindia.indiatimes.com/business/india-business/jet-plane-tried-to-take-off-from-taxiway-and-not-runway-saudi-probe/articleshow/65287537.cms


Looks like the guy wanted to leave Saudi real quick Razz
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iah87
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PostPosted: Mon Aug 06, 2018 8:40 pm    Post subject: Reply with quote

747-237 wrote:
Statement via email :

You might have read recent media reports questioning the sustainability of our airline. We have already clarified to the media that these reports are factually incorrect and malicious.
The Indian aviation sector is experiencing strong growth and Jet Airways is well placed to be a part of this growth story. We are committed to creating a growth-oriented and sustainable future for all our stakeholders. We will continue to expand our network, both domestic and international, and revitalise our guest experience. This will be augmented with the addition of 225 Boeing 737-MAX fuel efficient aircraft, 11 of which are scheduled to be inducted into our fleet this fiscal.
Despite the high growth environment, the aviation industry is currently passing through a challenging phase, given a depreciating rupee and the mismatch between high fuel prices and low fares. Needless to state that Jet Airways has been in existence for over 25 years and through these years, we have been successful in combating such business volatility.
Jet Airways will continue to accord the highest priority to safety, backed by our signature warm Indian hospitality and reputed award-winning loyalty programme.
Thank you for your continued patronage and support.
Regards,
Vinay Dube
Chief Executive Officer


Can Jet sue TOI and any other publications.
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iah87
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PostPosted: Fri Aug 10, 2018 11:13 pm    Post subject: Reply with quote

https://www.bloomberg.com/news/articles/2018-08-09/jet-airways-postpones-results-following-report-of-cash-crunch?utm_source=yahoo&utm_medium=bd&utm_campaign=headline&cmpId=yhoo.headline&yptr=yahoo

I am wrong. This time TOI's story holds. It does appear Jet airways is in trouble, their stock is suffering when the overall market has risen. Everything Etihad touches is turning into dust. May be bad karma to be associated with Etihad.
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747-237
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PostPosted: Sun Aug 12, 2018 5:31 pm    Post subject: Reply with quote

https://www.news18.com/news/business/dgca-to-conduct-financial-audit-of-turbulence-hit-jet-airways-1841995.html

DGCA to Conduct Financial Audit of Turbulence-hit Jet Airways

August 12, 2018

Aviation regulator DGCA is set to conduct a financial audit of the Naresh Goyal-promoted Jet Airways, amid its fiscal conditions under pressure due to the surging jet fuel prices and low fares, a source said.

The Directorate General of Civil Aviation (DGCA) has already evaluated the financial health of the national carrier Air India recently, besides conducting a special audit of Air Deccan, the source close to the development said.

The financial audit of airlines, which has been conducted in the past too, is done to assess their fiscal health and also ensure that they are not compromising on safety due to financial stress.

"We will conduct the financial audit of Jet Airways from August 27. A similar audit of Air India has been completed," the source said.

The financial audit of Air India was necessitated as the airline has been defaulting on salary payments to its employees, besides grounding a number of aircraft due to payment issues with vendors.

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luvleen
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PostPosted: Mon Aug 13, 2018 7:54 am    Post subject: Reply with quote

Jet’s statutory dues more than double to Rs 510 crore

https://timesofindia.indiatimes.com/business/india-business/jets-statutory-dues-more-than-double-to-rs-510-crore/articleshow/65380465.cms
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himmat01
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PostPosted: Mon Aug 13, 2018 12:41 pm    Post subject: Reply with quote

luvleen wrote:
Jet’s statutory dues more than double to Rs 510 crore

https://timesofindia.indiatimes.com/business/india-business/jets-statutory-dues-more-than-double-to-rs-510-crore/articleshow/65380465.cms


Could mean jail term for the person responsible for depositing TDS. Usually big shots get away with it but small businesses are harassed by the IT dept.
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PostPosted: Tue Aug 14, 2018 6:17 am    Post subject: Reply with quote

Jet Airways may offload JetPrivilege stake to weather financial headwinds

https://www.businesstoday.in/sectors/aviation/jet-airways-may-offload-jetprivilege-stake-to-weather-financial-headwinds/story/281277.html

Quote:
The troubles of turbulence-hit Jet Airways are showing no signs of abatement. Days after Naresh Goyal-owned airline deferred the quarterly financial results, audit firm BSR & Co, an affiliate of KPMG India, has reportedly refused to sign the first quarter results of Jet Airways due to differing views over interpretations of some accounting rules, The Economic Times reported. It added that BSR might even consider resigning from the account if the issue is not resolved.

In another report, the daily said that the debt-laden airline has initiated a formal stake-sale process to raise $350-400 million from global private equity firms. The full-service carrier is going through rough weather owing to rise in fuel costs and pile up of interests due to huge debt on its books. It added that Jet Airways has put out feelers to PE funds including Blackstone, TPG and Indigo Capital Partners.

The troubled airline is planning to monetise its JPMiles programme. Jet Airways had sold the majority stake of its frequent flyer loyalty programme to Etihad Airways in 2014. The Gulf-based carrier had picked up 50.1 per cent stake in JetPrivilege for $150 million. Goyal, who raised Jet Airways from the scratch after India opened its skies for private carriers in 1991, has roped in an investment bank to offload some of the stake, the report said.

In 2013, Jet Airways had sold 24 per cent equity to Etihad Airways for $379 million after the government allowed foreign airlines to take up to 49 per cent stake in Indian carriers.

Jet Airways' negative net worth is well over Rs 7,000 crore with total liabilities of Rs 19,743 crore against total assets of Rs 12,501 crore. In May 2018, ratings agency ICRA lowered credit ratings on its short-term and long-term loans due to weakening finances. The airline's cost of fuel as a percentage of operations shot up from nearly 40 per cent 2 years ago to nearly 65 per cent today.


There's surely trouble afoot.. According to an article in Economic Times, NSE has sought clarification from 9W on the reasons behind the deferment of its April-June earnings announcement. According to the article 9W responded with contradictory statements. Quote from the article and link below

Quote:
"We have noticed a difference in your response dated August 10,2018. Hence kindly clarify whether the management sought extension from audit committee as per your response dated August 10, 2018 or Audit committee did not recommend the said financial result to the Board as per your announcement dated August 9, 2018,” the NSE queried Jet.

“In your response dated August 10, 2018 the details of certain matters which has been not closed is not provided . Kindly provide us the exact reasons for which Audit committee has not approved the financial result,” it added, also asking Jet to provide a subsequent date for its board meeting to consider its earnings.


https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jet-airways-faces-more-queries-on-earnings-deferment/articleshow/65392773.cms
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