Jet Airways on Friday reported a standalone profit of Rs 221.7 crore for the June quarter, deriving benefit from the fuel-price slide and profits from sale and leaseback of aircraft engines. The airline had reported a loss of Rs 217.65 crore in the same period last year.
The full service airline saw its fuel cost fall about 20% y-o-y to Rs 1,444.69 in the quarter. The jet fuel prices have dropped over 25% in last 12 months. The airline also registered a gain of Rs 159.27 crore in the quarter on profit from sale and lease back of aircraft engines.
The revenues in the June quarter increased 11% to Rs 5,220.11 crore from the same period of the previous year. The overall expenses increased 5% to Rs 5,057.70 crore in the quarter.
“Our performance in the first quarter of this financial year demonstrated once again the measures we are taking to bring the business back to profitability are having the desired results,” said chairman Naresh Goyal. “All key performance indicators have shown progress as we continue to focus on customer satisfaction, network enhancement and improvement through efficiency,” Goyal added.
Jet Airways said it carried 6.29-million passengers in the recently concluded quarter, up 21.3% from the same period of the previous year. The code-share traffic in partnership with Etihad Airways also increased 51% to 4,87,921 passengers during the first quarter of the current fiscal.
The aircraft utilisation improved 11.5% to 12.7 hours, Jet Airways said in a statement. The combined passenger load factor improved 2.2% to 82.4% from the year-ago-period.
“Despite the increasing competitive domestic landscape driven by aggressive new market entrants, our market share in India went up by 1.1 percentage points to 21.9%,” Jet Airway’s chief executive Cramer Ball said.
Jet Airways said that it saw its international passengers grow by 12.4% during the June quarter from the year-ago-period.
“The competitive and structural challenges in the Indian aviation market continues to put pressure on our yields and costs. In addressing these, we continue to focus on leveraging the commercial and operational synergies through our partnership with Etihad Airways,” Jet Airway’s Ball added.