Jet group sniffs at profit, Q2 loss narrows 96% to Rs 43 cr
Jet Airways on Friday reported narrowing of consolidated loss by a whopping 95.7% at Rs 43 crore in the three months to September on the back of spurt in operational efficiency.business Updated: Nov 07, 2014 20:40 IST
Jet Airways on Friday reported narrowing of consolidated loss by a whopping 95.7% at Rs 43 crore in the three months to September on the back of spurt in operational efficiency.
The airline had reported a net loss of Rs 999 crore in the same quarter a year ago.
However, on a standalone basis, Jet Airways flew back into profit with a net income of Rs 69.82 crore against a net loss of Rs 891 crore in the year-ago period.
The consolidated income rose 13.7% to Rs 5,092 crore during the quarter as against Rs 4,480 crore in the same period last fiscal. However, the standalone sales jumped 16 per cent to Rs 4,772 crore from Rs 4,101 crore in year-ago quarter, the Naresh Goyal-led airline said in a statement.
The airline attributed the improvement in overall numbers to operational restructuring and expansion of code-share agreements which increased the load factor.
"I am extremely pleased by the progress that is evident across several areas during the reporting quarter. This is keeping with our three-year turnaround plan," said Jet Airways chief executive Cramer Ball.
The operational restructuring initiatives with route and network rationalisation are already yielding dividends on the domestic and international network, Ball added.
The organic network expansion, coupled with enhanced global connectivity through alliances and code-share pacts, have also helped increase international passenger traffic, Ball said.