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Jet Airways to Start Cost-Cutting Plan After Record Loss

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Jet Airways India Ltd., the South Asian carrier in which Etihad Airways PJSC owns a 24 percent stake, posted a record quarterly loss and forecast it won’t be profitable until the second half of 2016. The shares slumped.

India’s biggest publicly traded carrier will implement “tough measures” to return to profitability and established a “major” cost-cutting program, including writing down overvalued non-cash assets and reconfiguring planes, it said.