Jet Airways on Thursday reported a 10.5 per cent rise in net profit for the fourth quarter ended March 31, 2010 at Rs 59 crore, as against Rs 53 crore in the same period of the previous year.
Total income grew 12 per cent to Rs 2,877 crore. The airline's wholly-owned no-frills subsidiary JetLite has also turned around in the fourth quarter with a net profit of Rs 166 crore against a net loss of Rs 132 crore in the same quarter last year.
Therefore, the Jet Airways group, including JetLite, posted a fourth-quarter net profit of 225 crore, as against a net loss of Rs 79 crore in same quarter of the previous year.
However, for the financial year ended March 31, 2010, Jet Airways India posted a net loss of Rs 466 crore, as against a net loss of Rs 402 crore last year.
On a consolidated basis, the group posted a net loss of Rs 420 crore, as against net loss of Rs 961 crore in the previous year.
"The turnaround is a result of constant product innovation and stringent cost management," said Nikos Kardassis, CEO, Jet Airways India.
{{/usCountry}}"The turnaround is a result of constant product innovation and stringent cost management," said Nikos Kardassis, CEO, Jet Airways India.
{{/usCountry}}A revival in the domestic travel industry and high seat factors in global operations contributed to growth.