Mumbai: Jet Airways (India) has significantly pared its consolidated net loss to Rs 43 crore for the second quarter ended September 30, on account of gain from the sale of its frequent flyer programme and higher passenger revenue.
The carrier had reported a net loss of Rs 999 crore in the same quarter a year ago.
Revenue went up 13.7 per cent to Rs 5,092 crore (Rs 4,480 crore).
“The operational restructuring initiatives with route and network rationalisation are already yielding dividends on the domestic and international network. The organic network expansion, coupled with enhanced global connectivity through alliances and code-shares, have also helped increase international passenger traffic,” Cramer Ball, CEO of Jet Airways, said in astatement.
In April, Jet had transferred its Jet Privilege Frequent Flyer Programme undertaking to Jet Privilege Pvt Ltd (JPPL) as a going concern on a slump sale basis for a total consideration of Rs 1,193.8 crore. JPPL is a specialised loyalty and rewards management company — a joint venture between Jet and Etihad to develop, manage, operate and market the loyalty programme.
07/11/14 Business Line
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The carrier had reported a net loss of Rs 999 crore in the same quarter a year ago.
Revenue went up 13.7 per cent to Rs 5,092 crore (Rs 4,480 crore).
“The operational restructuring initiatives with route and network rationalisation are already yielding dividends on the domestic and international network. The organic network expansion, coupled with enhanced global connectivity through alliances and code-shares, have also helped increase international passenger traffic,” Cramer Ball, CEO of Jet Airways, said in astatement.
In April, Jet had transferred its Jet Privilege Frequent Flyer Programme undertaking to Jet Privilege Pvt Ltd (JPPL) as a going concern on a slump sale basis for a total consideration of Rs 1,193.8 crore. JPPL is a specialised loyalty and rewards management company — a joint venture between Jet and Etihad to develop, manage, operate and market the loyalty programme.
07/11/14 Business Line
