Jet Airways reports $329 million full-year loss

New Delhi: Jet Airways said on Friday it made a net loss of 21 billion rupees ($329 million) in the year ending in March, about half the size of the loss it made last year, after earning more in passenger revenues.

The airline, 24 percent owned by Abu Dhabi`s Etihad, has not made an annual profit since 2007, as tough competition and high operating costs in India`s aviation industry make it difficult to turn a profit.

For the final quarter of the year, Jet said it lost 17.29 billion rupees, down from last year`s 21.54 billion rupees, its worst-ever.

Jet, India`s second-biggest carrier by market share after privately held IndiGo, has announced a cost-cutting plan and said it expects to make a full-year profit in 2017.