Jet Airways repays Rs 558 cr loans in September quarter

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New Delhi | Published: October 29, 2015 9:48:40 PM

Jet Airways today said it has repaid loans worth Rs 558 crore in the September quarter and expects its debt burden to come down as business improves.

jet airwaysJet Airways saw its net profit jump 25 per cent to Rs 87.59 crore in the July-September period.

Jet Airways today said it has repaid loans worth Rs 558 crore in the September quarter and expects its debt burden to come down as business improves.

However, the leading carrier anticipates its debt to be marginal higher before tapering off.

Jet Airways saw its net profit jump 25 per cent to Rs 87.59 crore in the July-September period.

During an analysts call today, Jet Airways’ senior executive Ravichandran Narayan said its net debt stood at Rs 11,171 crore at the end of September.

“We are absolutely current (on time) in servicing our (debt) obligations. From the level that we are in September, there is going to be marginal increase… then you get to see a tapering effect (debt coming down) as the business improves,” he said.

“We do not see a major impact (on finances) in the debt going up,” he said and stressed that much would depend on the pace of the carrier’s operations going forward.

According to him, the airline repaid loans worth Rs 558 crore in the September quarter.

Jet Airways has a fleet of 115 aircraft, out of which 91 are on operating lease.

“We are working on various measures to contain cost and opportunities are being explored (in this regard),” Narayanan said.

Bolstered by low aviation turbine fuel prices and high passenger traffic, Jet Airways’ net profit rose 25 per cent to Rs 87.59 crore in the second quarter of this fiscal.

It had a net profit of Rs 69.82 crore in the year-ago period as it had benefited from surplus arising out of slump sale of its Jet Privilege Frequent Flyer Programme.

Jet Airways’ total income from operations in the September quarter rose 10 per cent to Rs 5,257.97 crore. In the year ago period, the same stood at Rs 4,772.25 crore.

The figures are on standalone basis.

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