Jet Airways posts Rs 12-cr profit on rising traffic

Mumbai: Jet Airways, India’s largest private sector carrier , on Friday beat market expectations to post a net profit compared to a loss in the year-ago period as rising domestic and international passenger traffic bolstered performance.
The company posted a net profit of Rs 12.4 crore during the June-September period against Rs 406 crore in the same period of the previous year. Analysts were expecting Jet to post a net loss as the period is considered to be a lean season for airlines in India. Naresh Goel-controlled airline has been consistently making profits for the past four successive quarters.
Jet’s domestic traffic rose by 21.4%, while international traffic moved up by 28.3%. Jet also witnessed higher seat factor for the period, the company said in a statement. “We are bullish on the sector for the next one year as the oil prices are likely to remain the same,” said Rashesh Shah, aviation analyst at ICICI securities. Aviation turbine fuel prices currently hovers at Rs 42,000 per kilolitre.
Revenues for the company rose 33% to Rs 3,105 crore against Rs 2,325 crore in the corresponding quarter last fiscal.
30/10/10 Economic Times

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Categories: Jet Airways Oct 2010