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Jet Airways profit slides to ₹49.63 cr

7 December, 2017 4:32 PM
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Jet Airways (India) Ltd. has reported lower standalone net profit of ₹49.63 crore for the second quarter ended September 30, 2017 as compared to net profit of ₹549 crore in the same period last year, due to pressure on yield and weak demand from Gulf countries.

During the quarter, the company reported net sales income of ₹5,626.61 crore as compared to ₹5,453 crore in the same period last year.

It is the tenth successive profitable quarter for the airline backed by growth in capacity, revenues as well as accompanying reduction in non-fuel costs, the airline said in a statement.

The Jet Group, which includes Jet Airways (India) Ltd. and frequent flier programme JetPrivilege, reported a net profit of ₹71 crore.

“Despite an increase in the Brent fuel price, the overall Cost per Available Seat Kilometer (CASK) dropped due to the airline’s ongoing efforts to improve operational efficiencies throughout its business,” the airline said.

“The weak demand in the Gulf continues, whilst low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices,” Vinay Dube, chief executive officer, Jet Airways, said.

Also read: SBI reports 1,329 fraud cases worth Rs 5,555 cr in Apr-Sep 2018


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