Thursday, February 15, 2018

Jet Airways Q3 net falls 38% to Rs 186 crore

New Delhi:  Jet Airways Group reported a net profit of Rs 186 crore for the quarter ended December 31, 2017, down 38% from Rs 299 crore in same period last fiscal. However the airline said the previous Q3’s healthier figure included a profit of Rs 327 crore on account of sale and leaseback of aircraft. The Q3 FY 18 profit is the airline’s 11th consecutive profitable quarter.
Passenger revenue increased 11.7% to Rs 5,541 crore this Q3 and passengers flown also rose 13.4% to 77 lakh. Traffic from codeshare partners increased by 3.6% to 5.8 lakh passengers in this period. The total revenue of Rs 6,412 crore for Q3 was 10.2% higher than Rs 5,817 crore for same quarter in previous fiscal. The airline inducted five more Boeing 737 by last.
Jet CEO Vinay Dube said: “The process to rationalise our cost structure is an ongoing one and will continue. Notwithstanding our challenges of low domestic fares and the rise in fuel prices by almost 20%, we expanded our B737 fleet as well as overall capacity by 8.7%, deepening our presence on key domestic and international routes. We also initiated several measures to enhance our product and service experience… We look forward to the arrival of our new aircraft — the latest, fuel-efficient Boeing 737 Max, from June 2018 onwards.”
During Q3, Jet signed “enhanced cooperation agreement” with Air France-KLM for the development of their operations between Europe and India. The agreement will provide seamless connectivity between 44 cities in India and 106 destinations across Europe. “This agreement complements Air France-KLM and Delta Air Lines’ transatlantic partnership between Europe and North America, offering access to over 200 destinations in North America, and establishing a global cooperation connecting the three continents. In fact, growing synergies with alliance partners helped Jet Airways expand its codeshare traffic and carry 5.8 lakh passengers during the quarter, up 3.6% over Q3 FY17,” the airline said.
14/02/18 Saurabh Sinha/Times of India