Shares of Jet Airways slumped more than 4% in morning trade Friday after the private carrier reported a 91% plunge in standalone net profit for the September quarter.
Shares of the company opened on a weak note on the BSE at Rs 668.90, then lost further ground to touch a low of Rs 665, down 4.55% over its previous close.
Similar movement was seen on the NSE as well, where the stock opened at Rs 669.40, and then declined to Rs 664.65, down 4.61%.
The Naresh Goyal-owned airline posted a 91% fall in standalone net profit at Rs 49.63 crore for the three months to September on account of a deep decline in other income. It had posted a net profit of Rs 549.02 crore in the same period last fiscal.
Total sales also declined to Rs 5,758.18 crore in the quarter under review, from Rs 5,772.79 crore in the previous fiscal, Jet Airways said in a regulatory filing Thursday.
Other income, which is generally the non-aeronautical revenue, came down by 59% to Rs 131.57 crore in the reporting quarter, from Rs 319.58 crore in the year-ago period, according to the filing.
“The weak demand in the Gulf continues while low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices,” Jet Airways chief executive officer Vinay Dube was quoted as saying in a release.
{{/usCountry}}“The weak demand in the Gulf continues while low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices,” Jet Airways chief executive officer Vinay Dube was quoted as saying in a release.
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