Jet Airways swings to quarterly net profit
Mumbai, July 24, 2010
India's largest private sector airline, Jet Airways, has swung to a net profit of R35 million ($740,000) for the first quarter of the financial year to June from a loss of Rs2.25 billion in the same period a year earlier.
Jet Airways has seen nine straight months of robust growth led by a rise in passenger air traffic, chief executive Nikos Kardassis said. The airline's total revenues for the quarter rose 24 per cent to Rs30.23 billion.
Jet said it suffered a revenue loss of $7.2 million due to the impact of Iceland's volcanic ash eruptions in April which hit air travel globally.
In the quarter, international operations accounted for 56 per cent of total revenues and the airline achieved a seat load factor of 80.1 per cent compared with 76.5 per cent a year earlier.
Jet carried 3.55 million passengers in the quarter, up 37 per cent in the same period a year earlier. The airline operates a fleet of 89 aircraft and flies to 66 destinations in India and abroad.
India's airline sector has been one of the most vibrant symbols of the country's economic progress. The sector has been recovering in line with a rebounding Indian economy.