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Jet Airways bounces back; posts Rs. 85cr net profit in Q3

PTI  Mumbai, February 01, 2013
First Published: 16:23 IST(1/2/2013) | Last Updated: 16:27 IST(1/2/2013)

Jet Airways on Friday reported a net profit of Rs. 85 crore for the quarter ended December 2012.


The Naresh Goyal-owned company had reported a net loss of Rs. 101.22 crore in the October-December quarter ended December 31, 2011, Jet Airways said in a filing to the BSE.

Total income from operations rose to Rs. 4,205.77 crore in the October-December quarter ended 2012 from Rs. 3,939.16 crore in the year-ago period.

Shares of the company were trading at Rs. 621.55, down 0.09% on the BSE.

Meanwhile, ahead of finalising Etihad's deal to acquire 24% stake in Jet Airways, top brass of the two carriers on Friday met finance minister P Chidambaram and are understood to have discussed regulatory requirements.

The two airlines are likely to clinch the deal soon and apply for approval of the stake sale deal to the Foreign Investment Promotion Board (FIPB) of the finance ministry. Speculation is rife that the deal would be firmed up in the next ten days.

Etihad is likely to buy 24% equity in Jet Airways valued at about Rs. 1,800 crore. If the deal is carried through, it would be the first investment by a foreign carrier in an Indian airline.

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