Jet Airways' third quarter profit at Rs.85 crore
Mumbai, Feb 1 : Jet Airways Friday reported a net profit of Rs.85 crore in the third quarter of 2012-13 from a net loss of Rs.101.22 crore in the like period of the previous year.
"All of our efforts on revenues, costs and network side have resulted in turning around the airline operations. This is despite higher fuel prices and rupee depreciation impact that we have had in the last few months," said Nikos Kardassis, chief executive, Jet Airways, said in a statement.
The company's total income in the period under review increased by 6.6 percent to Rs.4,205.77 crore, from Rs.3,939.16 crore in the corresponding quarter of last fiscal.
The company's fuel cost decreased by 3.69 percent and stood at Rs.1,688.53 crore from Rs.1,753.34 crore in the corresponding period of 2011-2012.
While the total expenses went down by 7.81 percent at Rs.3,870.16 crore from Rs.4,198.05 crore incurred in the like quarter of last fiscal.
The company's domestic operations garnered 4.01 percent more revenue which stood at Rs.1,822.26 crore from Rs.1,751.84 crore earned in the corresponding period of 2011-2012.
The earnings from international operations increased by 8.96 percent at Rs.2,383.51 crore from Rs.2,187.32 crore in the third quarter of last fiscal.
The healthy growth results may also help in closing a possible stake sale by Jet Airways to the Abu Dhabi based passenger carrier.
The Indian government last year allowed foreign airlines to invest up to 49 percent in private domestic carriers.
The company's scrip at the Bombay Stock Exchange (BSE) closed higher by 0.55 points and 0.09 percent at Rs.622.65 per share from its previous close of Rs.622.10.