Expect demand to pick up gradually: Jet Airways

Jet Airways has come out with its third quarter results. The company's standalone net sales were at Rs 2,908.9 crore versus Rs 2,426 crore on YoY basis. Its standalone net loss was at Rs 214.2 crore versus net loss of Rs 91.1 crore on YoY basis.
Its revenues were up by 21.7% at Rs 3063.1 crore. Its EBIDTA margins were at 5.4%.
Key Takeaways from Jet Airways concall:-
The Company achieved a domestic seat factor of 62.4% in the quarter ended December 2008 versus 72.3% in the same period a year ago.
The Company achieved a seat factor in international operations of 67.8 % for the quarter (66.4% a year ago).
The Company recorded a pre-tax loss on domestic operations of Rs.1,307 million (US $26.8 million) versus a loss of Rs. 144 million (US $ 3.7 million) in the same period a year ago.
The pre-tax loss on international operations was Rs. 1,191 million (US $ 24.4 million).As against this, we had a pretax loss of Rs. 1,159 million (US $ 29.4 million) in the same period a year ago.
The company has tied up Rs 1250 cr with banks; have additional Rs 750 line with the same banks.
They has wet lease 5 aircrafts with GULF and Turkish airlines.Fuel prices is likely to remain stable. They are in talks with oil companies for fixed contracts.
Yields is likely to decline 10-12% this quarter to improve load factors.
The Shanghai- SunFransisco route has incurred loss of $ 9 million and for Amritsor-London route was of $ 3.5 million.It has cash balance of Rs 13.6 million.
19/01/09 Moneycontrol.com

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Categories: Jet Airways Jan 2009