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

Jet Airways also saw a 76 per cent increase in code share revenue

Aneesh Phadnis  |  Mumbai 

Jet Airways
Jet Airways

Higher other income helped 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 posted Rs 25.8 crore profit.

from operations grew 10 per cent to Rs 5,648 crore due to increase in the number of passengers and average fares. The also saw a 76 per cent increase in code share 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.

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 boosted the company's Q1 result. During the quarter, the made a provision of Rs 56 crore as against Rs 80 crore in same period last year. The switched to Indian Accounting Standard from April.

"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.

First Published: Wed, September 13 2017. 00:26 IST