The nation’s largest private carrier, Jet Airways, on Thursday posted a jump of 10.5 per cent in net profit to Rs. 58.58 crore for the fourth quarter ended March 2010, against Rs. 52.99 crore in the year-ago period.
The total income of the airline also rose to Rs. 2,877.17 crore in the January-March quarter of FY’10, from Rs. 2,566.21 crore in the corresponding period a year earlier, Jet Airways said in a filing to the Bombay Stock Exchange (BSE).
However, for the full financial year ended March 31, Jet Airways posted a net loss of Rs. 467.64 crore, while the same was at Rs. 402.34 crore during the previous fiscal.
Total income of the firm dropped to Rs. 10,622.92 crore in FY’10 from Rs. 11,786.88 crore in the 2008-09 fiscal.
The airline industry has been adversely affected in the recent past by the general economic slowdown. This, coupled with weak domestic currency and high fuel cost, had affected the performance and revenue of the company and its subsidiary, resulting in substantial erosion in the net worth.
Jet Airways is exploring ways to raise funds for meeting its various short-term and long-term obligations, including financial support to its subsidiary, Jet Lite India.
Shares of Jet Airways, which fell 4.01 per cent, were being quoted at Rs. 489.90 in the late afternoon trade on the BSE.
