Jet Airways Q3 net plunges to Rs 142 crore

Jet Airways today posted a nearly 70 per cent fall in its third quarter net profit at Rs 142.38 crore as a steep rise in fuel costs and other expenses took a toll on its bottom-line.

The full-service carrier had a net profit of Rs 467.11 crore in the year-ago period.

According to a filing to the BSE, Jet Airways' total income from operations stood at Rs 5,478.07 crore in the October-December quarter of the current financial year.

The same was at Rs 5,443.97 crore in the corresponding period a year ago.

In the latest quarter under review, the airline saw its fuel costs climb to Rs 1,428.89 crore which also pushed the total expenses higher. The expenses went up to Rs 5,405.32 crore in the December quarter.

Jet Airways Chairman Naresh Goyal said various initiatives were undertaken by the company in relation to cost synergies, revenue management opportunities and ancillary revenues have resulted in significant improvement in operating cash flow.

"Further, our continued thrust to improve operational efficiency and initiatives to raise funds are expected to result in sustainable cash flows," he said.