Jet Airways reports net profit of INR 71 crores for 2nd quarter of FY’18
Mumbai, Dec 7 (IBNS): The Jet Airways Group on Thursday reported a net profit of INR 71 crores for the second quarter of FY’18 – its tenth successive profitable quarter.
During the quarter, Jet Airways also reduced its net debt by INR 194 cr.
Despite an increase in the Brent fuel price, the overall CASK dropped due to the airline’s ongoing efforts to improve operational efficiencies throughout its business.
CASK-excluding fuel fell by 5.3 percent to INR 3.07 against INR 3.24 in Q2 FY’17 - in line with Jet Airways’ plan to achieve a 12-15 percent reduction in non-fuel CASK over the next 8-10 quarters.
Jet Airways continued to take steps to strengthen its domestic network footprint by augmenting services between emerging cities such as Jaipur, Lucknow, Chandigarh, Dehradun, Udaipur and Indore during the quarter, in order to facilitate the rising demand as well as travel aspirations of guests from these fast-growing cities.
Vinay Dube, Chief Executive Officer, Jet Airways, said, “The weak demand in the Gulf continues, whilst low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices. In line with our commitment to offer guests a superior experience, we continue to grow our domestic presence while keeping a tight control on costs, reflecting in the reduction in non-fuel CASK."
"Jet Airways also derived significant operational and business advantages via synergies with its strategic partner - Etihad Airways, as well as other codeshare partnerships, carrying a growing and significant number of global travellers across its 64 destination network, including gateways at Abu Dhabi, Amsterdam, Paris and London,” said he.
The airline’s focus in connecting global travellers as a result of its cooperation with codeshare partners such as Air France-KLM, Virgin Atlantic and Delta Air Lines, drew robust dividends and the airline’s percentage of alliance revenues went up by 8% during the recent Quarter.
In the same period, India's premier international airline also forged an industry-first partnership with Airbnb - the world's leading community-driven hospitality company allowing it to offer a wide spectrum of rapidly growing, global hospitality choices to guests from India and establishing a deeper connect with the new-age Indian traveller, who is increasingly seeking unique and interesting experiences while travelling in India as abroad.
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