Mumbai: A close eye on costs, better capacity utilization and gains from a partnership with Etihad Airways PJSC have helped Jet Airways (India) Ltd report its first-ever annual profit for the year ended 31 March 2016, said a top executive at the airline.
Last week, India's second largest airline by passengers flown reported a consolidated annual profit of Rs.1,211.65 crore, as against a net loss of Rs.2,097.41 crore a year ago. Jet and other Indian airlines have benefited from a slump in crude oil prices that has lowered fuel expenses, which make up around 40% of their total costs.
In an interview, Amit Agarwal, acting chief executive officer and chief financial officer at Jet Airways, acknowledged that a drop in costs aided profitability, but added that higher capacity utilization and the partnership with Etihad have also helped the airline. Etihad holds a 24% stake in Jet Airways.
31/05/16 AviationPros
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Last week, India's second largest airline by passengers flown reported a consolidated annual profit of Rs.1,211.65 crore, as against a net loss of Rs.2,097.41 crore a year ago. Jet and other Indian airlines have benefited from a slump in crude oil prices that has lowered fuel expenses, which make up around 40% of their total costs.
In an interview, Amit Agarwal, acting chief executive officer and chief financial officer at Jet Airways, acknowledged that a drop in costs aided profitability, but added that higher capacity utilization and the partnership with Etihad have also helped the airline. Etihad holds a 24% stake in Jet Airways.
31/05/16 AviationPros
