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Jet Airways returns to profit

Special Correspondent
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Jet Airways India Ltd. has reported a net profit of Rs.85 crore for the third quarter ended December 31, 2012, as compared to a net loss of Rs.101 crore for the corresponding period of the previous year.

The company reported total revenue of Rs.4,251 crore, up 6.6 per cent.

The Jet Group, including Jet Airways and JetLite, which operates under the brand name JetKonnect, reported a net profit of Rs.93 crore for the third quarter as compared to a net loss of Rs.123 crore.

The airlines reported a combined revenue of Rs.4,770 crore, up by 5.5 per cent as compared to the same period in the previous year.

JetLite reported total revenue of Rs.519 crore and a net profit of Rs.8 crore for the third quarter as against a net loss of Rs.21.6 crore in the year-ago period.

“All of our efforts on revenues, costs and network side have resulted in turning around the operation of the airline. This is despite higher fuel prices and rupee depreciation impact that we have had in the last few months. The combined impact of higher yields and lower costs (ex-fuel) have resulted in significantly lowering the breakeven seat factor levels in the business,” Nikos Kardassis, Chief Executive Officer, Jet Airways said.

“We continue our endeavour on cost cutting measures, exploring various avenues of ancillary revenues and process improvements across all segments of the business, which will help us improve the business further,” he said.

“At Jet Airways, we remain committed to consistently improving our legendary warmth, service, reliability and courtesy delivered by an attentive staff to ensure that we achieve customer delight,” Mr. Kardassis added.

In the domestic sector, Jet airways witnessed a lower seat factor of 72.7 per cent as compared to 75.2 per cent. In international operations also, the seat factor went down to 78 per cent from 79.2 per cent.


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