Worldwide

Jet Airways Second Quarter Standalone Profit Plunges 91%

Jet Airways Second Quarter Standalone Profit Plunges 91%”

Ltd, the country's second-largest airline, reported a 91 percent slump in quarterly profit on Thursday, hurt by higher fuel expenses.

Jet Airways saw its net profit for the second quarter of financial year 2017-18 fall to Rs 49.63 crore in comparison to Rs 549.02 crore recorded last year for the corresponding period last fiscal. 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.

Other income fell 59 per cent to Rs 131.57 crore in the reporting quarter, from Rs 319.58 crore a year-ago period, according to the filing.

The airline's profit came below Bloomberg estimates, which had pegged it at Rs 99 crore.

The fall in the profit has been attributed to the inability to offset the rise in jet fuel prices.

Jet's weak performance is contrary to its listed peers.

During the quarter, the company reported net sales income of ₹5,626.61 crore as compared to ₹5,453 crore in the same period previous year.

The airline said it was its tenth successive profitable quarter, backed by growth in capacity and revenues, and a reduction in non-fuel costs. Other expenses grew 26% to Rs 1350 crore.

In a separate filing with the stock exchanges, the airline appointed Kevin Knight to its board as the nominee for minority shareholder Etihad Airways in place of James Rigney.



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