Jet Airways back in the black with R12 cr Q2 net
With more passengers flying in the July-September quarter, the country’s largest private carrier, the Naresh Goyal-promoted Jet Airways, on Thursday announced its return to profit.india Updated: Oct 29, 2010 20:41 IST
With more passengers flying in the July-September quarter, the country’s largest private carrier, the Naresh Goyal-promoted Jet Airways, on Thursday announced its return to profit. In a filing to the Bombay Stock Exchange, Jet said it had registered R12.4 crore net profit for the second quarter ended September 2010.
The airline was in a net loss of R406.69 crore during the same period last year.
Jet Airways saw a jump of 38.7% in its income from operations for the September quarter at R2,802.45 crore, against R2,020.11 crore last year.
July-September is traditionally a lean season for airlines. Despite this both domestic and international operations of the airline showed robust growth. Jet Airways said it had showed improved network synergies, various cost efficiencies, consistent high levels of seat occupancy owing to competitive fare offerings.
The group enjoys the highest market share of 26.9 % for the quarter ending September 2010, the company statement said.
“Our ability to expand market share in a highly competitive market augurs well as it clearly reveals that Jet Airways is fast emerging as the airline of choice from and to the Indian subcontinent,” said Nikos Kardassis, Chief Executive Officer, Jet Airways.
JetLite, the wholly-owned subsidiary of Jet Airways India Ltd, also posted an improved EBITDAR margin of 11.5 % for the quarter vs a negative EBITDAR margin of -12.1% for the same quarter a year ago.
The company’s biggest expenses — fuel — increased 27% during the quarter. The airline is now introducing new flights both in the domestic and the international circuits.