Shares of Jet Airways slipped as much as 4.6 percent in the morning trade on the NSE on Wednesday, after the airliner reported nearly 95 percent fall in its consolidated net profit at Rs. 23 crores in the three months ended March 2017. Trading at 1.7 percent lower at Rs. 451.85, Jet Airways recouped some of the losses. In the fourth quarter of 2016 fiscal, the carrier saw total revenue rise over three percent to Rs. 5,728 crore. The same stood at Rs. 5,533 crore in the year-ago period, reported the MoneyControl.
Even though the full-service airline carried more number of passengers in the quarter under review, it had a higher net profit of Rs. 426 crore for the three months ended March 2016. “The past year has been extremely challenging for both domestic and international markets,” said Jet Airways Chairman, Naresh Goyal in a statement.
Adding to this, he said that the growth in traffic in the domestic market and the downward pressure on yields have continued despite rise in oil prices. He said that the company reduced its debt by Rs. 1,902 crores despite weakening demand in certain international markets, especially Gulf.