Jet Airways India Ltd., for the third quarter ended December 31, 2013, has reported a higher net loss of Rs. 267.89 crore as compared to net loss of Rs. 85 crore in the same period last year. But the net loss for the third quarter, on a sequential basis, has come down drastically as compared to a net loss of Rs. 891.01 crore in the second quarter of the current financial year.Jet Airways Group, during the quarter, reported 4 per cent growth in number of passengers, 5 per cent growth in available seat kilometres, and 4 per cent growth in number of departures, it said.
Operating revenue for the third quarter increased by 6 per cent to Rs. 4,990 crore as compared to Rs. 4,722 crore in the same period last year. Passenger yield has gone up by 1 per cent to Rs. 8,056 from Rs. 7,974. Domestic yields have improved by 20 per cent as compared to the previous quarter, it added.
International operations achieved 81.6 per cent seat factor as compared to 78 per cent in the same quarter last year. Instances of aircraft on ground impacted the quarter by Rs. 106 crore. During the quarter, two A330’s were sold and the balance access capacity would be sold or leased out in coming quarter, the airline said.
“Post the equity infusion by Etihad, Jet has reduced its debt from Rs. 12,495 crore as of September 2013 to Rs. 10,895 crore in December 2013. This will help lower Jet’s interest costs going forward,” Ravishankar Gopalakrishnan, Chief Financial Officer, Jet Airways (I) Ltd., said,
Meanwhile, the board has decided to seek shareholders’ approval to transfer or sell Jet Privilege Frequent Flyer Programme to its subsidiary Jet Privilege Private Ltd. Etihad has agreed to buy it.
