Jet Airways Q2 net slides 91% to Rs 49.63 cr

Sergio Conner
December 7, 2017

Jet Airways saw its net profit for the second quarter of financial year 2017-18 fall to Rs 49.63 crore in comparison to Rs 549.02 crore recorded last year for the corresponding period last fiscal. While revenue stagnated at ₹5,758 crore for the period, the airline reported forex loss of ₹72.99 crore in the quarter as opposed to a forex gain of ₹117.9 crore in the year-ago period. It made no such profit this year.

Quarterly total expenses rose 9.2 percent to 57.09 billion rupees, with aircraft fuel expenses rising about 17 percent.

The company has reported net sales of Rs.5758.18 crores during the period ended September 30, 2017 as compared to Rs.5772.79 crores during the period ended September 30, 2016.

Ltd. and frequent flier programme JetPrivilege, reported a net profit of ₹71 crore.

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The airline said it was its tenth successive profitable quarter, backed by growth in capacity and revenues, and a reduction in non-fuel costs.

"Despite an increase in the Brent fuel price, the overall CASK (cost per available seat km) dropped due to the airline's ongoing efforts to improve operational efficiencies throughout its business".

The company stock closed up 2.04 per cent on the BSE at ₹696.75. The company also announced the appointment of Kevin Knight on its board, the second nominee from Etihad Airways, thus bolstering the presence of the Abu Dhabi based strategic partner that owns about 25% in Jet.

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