Jet Airways Q2 net profit plunges 91%

Jet Airways second-quarter profit falls 91% to Rs 49.36 crore

Jet Airways attributed the fall in other income to nil sales from share of profit and no income from the sale and leaseback of aircraft in the reporting quarter. Foreign currency fluctuation loss and impairment loss of Rs 56.57 crore on account of loans to its subsidiary JetLite also contributed to the decline. In a later note, the airline said it had made a profit of Rs 190.22 crore past year on the sale and leaseback of planes.

A press release by Jet Airways said the net profit for the group stood at ₹71 crore while net debt reduced by ₹194 crore.

The airline said it was its tenth successive profitable quarter, backed by growth in capacity and revenues, and a reduction in non-fuel costs.

The company has reported net sales of Rs.5758.18 crores during the period ended September 30, 2017 as compared to Rs.5772.79 crores during the period ended September 30, 2016.

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Jet also derived significant operational and business advantages via synergies with its strategic partner, Etihad Airways, as well as other codeshare partnerships, Dube said. On the other hand, other income saw a steep decline of 59 per cent in the last quarter to Rs 131 crore from Rs 319.58 crore in year-ago period.

Significantly, the Mumbai-based carrier had last month announced a new enhanced cooperation agreement, which primarily deepens the already existing codeshare partnership signed in 2014.

In the same period, India's premier worldwide airline also forged an industry-first partnership with Airbnb - the world's leading community-driven hospitality company allowing it to offer a wide spectrum of rapidly growing, global hospitality choices to guests from India and establishing a deeper connect with the new-age Indian traveller, who is increasingly seeking unique and interesting experiences while travelling in India as overseas.

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