Jet Airways set to hike salaries soon

Mumbai: At a time when gloom pervades the airline sector, especially in the context of mounting losses and frequent strikes at state-run Air India, private carrier Jet Airways may bring in some cheer. Having missed a pay hike and promotions last year, the airline’s staff are all set to receive their due very soon.
CEO Nikoss Kardassis has written to 8,000 of the airlines’ staff stating that they will get title and salary hikes on a case-to-case basis, soon. It can translate to a decent raise, considering the upper limit of salary hikes is capped at around 25%. The recent improvement in the company’s performance, although modest, should have helped, and so would have the industry’s prospects.
The company posted a net profit of Rs 59 crore for the March quarter of FY2009-10, compared with Rs 53 crore in the same quarter a year ago. The carrier has seen its Ebidtar margins improve to 19% for 2009-10 as against 4% in 2008-09. Similarly, its revenues from passengers stood at 12 million, up 9% compared with the same period last year. It registered load factors of over 77% compared with 67.7%.
31/05/10 Shaheen Mansuri/Financial Express

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Categories: Jet Airways Jun 2010