Economy

Jet Airways Q2 net profit plunges 91%

Jet Airways Q2 net profit plunges 91%

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.

Ltd, the country's second-largest airline, reported a 91% slump in Q2 profit on Thursday, hurt by higher fuel expenses. It had posted a net profit of Rs 549.02 crore in the same period last fiscal.

The fall in the profit has been attributed to the inability to offset the rise in jet fuel prices. In a later note, the airline said it had made a profit of Rs 190.22 crore previous year on the sale and leaseback of planes.

More news: Five frontier states in east to get border security grid: Rajnath Singh

Despite an increase in the Brent fuel price, the overall CASK dropped due to the airline's ongoing efforts to improve operational efficiencies throughout its business.

Jet Airways also carried 7.7 percent more passengers at 7.29 million in the September quarter over the same quarter of 2016-17, the release said.

The airline's focus in connecting global travellers as a result of its cooperation with codeshare partners such as Air France-KLM, Virgin Atlantic and Delta Air Lines, drew robust dividends and the airline's percentage of alliance revenues went up by 8% during the recent Quarter. 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. It is expected to further boost connectivity between India and Europe.


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