Jet Airways posts Q4 net profit at Rs.397 crore

Mumbai, May 26 (IANS) Airline major Jet Airways on Thursday reported a standalone net profit of Rs.397.16 crore for the fourth quarter (Q4) of 2015-16.

The airline had posted a net loss of Rs.1,728.99 crore in the corresponding quarter of 2014-15.

On a standalone basis, the airline’s total income from operations for the quarter under review inched up by 3.56 percent to Rs.5,245.28 crore from Rs.5,064.52 crore in the corresponding quarter of 2014-15.

The company’s total expenditure during Q4 declined by 13.35 percent to Rs.4,848.14 crore from Rs.5,595.64 crore for the quarter ended March 31, 2015.

The fuel expenditure which constitutes a major part of the total operating cost plunged by 25.13 percent to Rs.999.07 crore from Rs.1,334.47 crore in the corresponding quarter of the previous fiscal.

For the full financial year 2015-16, the airline’s standalone net profit stood at Rs.1,173.56 against a net loss of Rs.1,813.71 crore in 2014-15.

The company’s standalone total income for the year ended March 31, 2016, rose by 8.14 percent to Rs.21,167.33 crore from Rs.19,573.43 crore in the corresponding previous fiscal.

The standalone total expenditure during the fiscal under review came down by 2.46 percent to Rs.19,948.13 crore from Rs.20,451.88 crore during 2014-15.

The fuel cost declined by 24.98 percent to Rs.5,015.73 crore from Rs.6,686.26 crore in the corresponding previous fiscal.

On a consolidated basis, the airline’s net profit for 2015-16 stood at Rs.1,211.65 from a net loss of Rs.2,097.41 crore in 2014-15.

The company’s total income rose by 5.92 percent to Rs.22,206.96 crore from Rs.20,965.60 crore in the corresponding previous fiscal.

The total expenditure fell by 5.08 percent to Rs.20,967.15 crore from Rs.22,089.31 crore during 2014-15.

Fuel cost during the fiscal under review receded by 26.64 percent to Rs.5,403.37 crore from Rs.7,365.56 crore in the corresponding previous fiscal.

The company attributed the healthy earning results on enhanced fleet utilisation and optimisation of network, which enabled it to better integrate domestic and international operations.

“Jet Airways has been revitalized as a business in the last two years. Our focused efforts have resulted in significant improvement in operational performance leading to record profitability,” Naresh Goyal, Jet Airways chairman, was quoted as saying in a statement.

“Customer satisfaction, network enhancement and driving benefits through further improvements in operational efficiencies continue to be our key priorities.”

Goyal pointed out that competitive and structural challenges still existed in the Indian aviation market.

“In addition, the induction of capacity and the enhanced competitive scenario is creating a constant pressure on yields. We will continue to focus on strengthening our balance sheet to ensure sustainable growth and value addition for our stakeholders,” Goyal added.

–IANS

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