New Delhi: Jet Airways Ltd said on Saturday its December quarter net profit rose more than seven times, with sharply lower fuel costs helping the carrier post a third consecutive quarterly gain following a series of losses.
Jet, the country's second largest carrier by market share, said net profit in the October-December period rose to Rs 467 crore ($68.88 million) from Rs 63 crore a year earlier, marking a record high quarterly profit.
The airline's fuel expenses dropped by 27 per cent in the period, its fiscal third quarter. Total income from operations grew by 8 per cent to Rs 5,443 crore, aided by a 20 per cent surge in passenger traffic, the company said in a statement.
"Our strong operational performance resulting in record profit demonstrates the progress we continue to make in our turnaround plan," CEO Cramer Ball said in a statement.
Despite rapidly rising demand for air travel in India, Jet, which is 24 per cent-owned by Abu Dhabi's Etihad, has not made an annual profit since 2007, dragged into the red by high operating costs and fierce competition for passenger fares.
06/02/16 Thomson Reuters/NDTV
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Jet, the country's second largest carrier by market share, said net profit in the October-December period rose to Rs 467 crore ($68.88 million) from Rs 63 crore a year earlier, marking a record high quarterly profit.
The airline's fuel expenses dropped by 27 per cent in the period, its fiscal third quarter. Total income from operations grew by 8 per cent to Rs 5,443 crore, aided by a 20 per cent surge in passenger traffic, the company said in a statement.
"Our strong operational performance resulting in record profit demonstrates the progress we continue to make in our turnaround plan," CEO Cramer Ball said in a statement.
Despite rapidly rising demand for air travel in India, Jet, which is 24 per cent-owned by Abu Dhabi's Etihad, has not made an annual profit since 2007, dragged into the red by high operating costs and fierce competition for passenger fares.
06/02/16 Thomson Reuters/NDTV
