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.
More Travel, Tourism & Hospitality Stories
- WTO in deal to promote adventure travel
- Iata cuts global airline profit forecast to $18.7bn
- Gulf Hotels plans $132m waterfront property in Dubai
- Yas Island targets German tourist trade
- Sharq Doha unveils Al Dana Garden
- Beacon technology 'ideal' to aviation industry
- Emergency drill to take place at Amman airport
- JA Resorts to launch high-end resort In Maldives
- $5.3bn hotel projects coming up in Saudi
- Hilton appoints new GM for Alexandria hotel
- Air Arabia opens new sales office in Bahrain
- Lufthansa aims high with 'First Class' service
- Emirates launches new service to Boston
- Dubai Airports 'powers down' for green initiative
- City Seasons opens 5-star hotel in Abu Dhabi
- Etihad alert on fog
- Bahrain F1 visa procedures issued
- Oman Air appoints GSA for Turkey
- $40bn investment in Gulf airports likely
- Celebrity chef to open restaurant at InterContinental
- FRHI appoints wellness vice president
- Dubai, Abu Dhabi hotels top performance
- Malaysia Airlines jet presumed crashed, 239 onboard
- BA rolls out special Mother's Day fares
- Etihad says majority of stranded passengers sent home
- Malaysian jet search team spots 'column of smoke'
- Turkish Airlines revenue surges 27pc in 2013
- GCC airlines defend female cabin crew policies
- Malaysian flight 'presumed crashed' over China
- Qatar Airways likely to buy more A380s