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Jet Airways Q1 net doubles to Rs 53 cr on higher other income

Aneesh Phadnis/Mumbai 13 Sep 17 | 03:26 AM

Higher other income helped Jet Airways double its standalone profit to Rs 53.5 crore in first quarter FY 2018 on a year on year basis. In the same quarter last year, the airline posted Rs 25.8 crore profit.

Revenue from operations grew 10 per cent to Rs 5,648 crore due to increase in the number of passengers and average fares. The airline also saw a 76 per cent increase in code share revenue. Expenses rose 11.6 per cent to Rs 5,843 crore largely on account of higher fuel cost. The airline, however, managed to lower its unit costs excluding fuel.

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Gains including Rs 113-crore profit on completion of the land development project in Bandra Kurla complex in Mumbai and lower provision in respect to its subsidiary JetLite boosted the company's Q1 result. During the quarter, the airline made a provision of Rs 56 crore as against Rs 80 crore in same period last year. The airline switched to Indian Accounting Standard from April.

"Jet Airways took several focused measures to revitalize its business and realise greater efficiencies in spite of weakening international demand, especially from the Gulf. Low fares, together with addition of capacity in the domestic market, continues to put pressure on yields. We have taken definite steps to strengthen our key performance indicators, including increasing our domestic footprint by enhancing connectivity and choice for guests not just between our hubs and metros, but also between emerging cities," the airline's chairman Naresh Goyal said in a statement.

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