Jet Airways Q2 net profit nosedives 91% to Rs 50cr

"Jet Airways also derived significant operational and business advantages via synergies with its strategic partner - Etihad Airways, as well as other codeshare partnerships, carrying a growing and significant number of global travellers across its 64 destination network, including gateways at Abu Dhabi, Amsterdam, Paris and London", said he.

During the quarter, the full-service airline reported net sales income of Rs. 5,626.61 crore as compared to Rs. 5,453 crore in the same period a year ago.

At 10:20 AM; it was trading at 3% lower at Rs 675 against 0.71% rise in the benchmark index. In a later note, the airline said it had made a profit of Rs 190.22 crore a year ago on the sale and leaseback of planes. Other income, which is generally the nonaeronautical revenue, came down by 59% toRs131.6 crore in the reporting quarter, from Rs 319.6 crore in the year-ago period, according to the filing. It made no such profit this year. Quarterly total expenses rose 9.2% to Rs5,709 crore with aircraft fuel expenses rising about 17%. "The weak demand in the Gulf continues, whilst low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices", Jet Airways chief executive Vinay Dube said in a company statement. Other expenses grew 26% to Rs 1350 crore.

During the quarter, Jet Airways also reduced its net debt by INR 194 cr.

Jet's weak performance is contrary to its listed peers. Despite posting a profitable quarter, the second-largest air carrier saw its profit fall by 91 per cent in the September quarter of the current fiscal.

Related:

Comments

Latest news

Border protection grid to be set up in Border States: Rajnath Singh
Banerjee has been very vocal on the Centre's decision to withdraw central forces from Darjeeling during serious unrest following the demand of Gorkhaland by Bimal Gurung and his associates.

Federal Bureau of Investigation chief defends agency after Trump says it's in "tatters"
Trump tweeted last weekend the FBI's reputation is " in Tatters _ worst in History!" and urged Wray to "clean house". Strzok was quietly removed from the Mueller probe after text messages expressing anti-Trump bias were discovered.

Manchester United Will Miss Paul Pogba In Derby, Says Fernandinho
The Frenchman picked up a 3 match suspension against Arsenal last week. Recent results, however, give United reason for optimism. "It will be a tough game for both teams".

Flagship Harbor Advisors LLC Grows Position in Schlumberger Limited. (SLB)
The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.42. The firm has a market capitalization of $85,860.00, a price-to-earnings ratio of 49.19, a PEG ratio of 1.94 and a beta of 1.01.

China Exports Surge More Than Forecast
Some of China's northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog. China's exports grew at a faster-than-expected pace in November, data from the General Administration of Customs showed Friday.

Other news