Jet Airways Q4 profit at Rs 53 crore

Jet Airways, the country’s largest private carrier, made a net profit of Rs 52.99 crore for the fourth quarter ended+ March 31, 2009, compared with a loss of Rs 221.18 crore for the same period of the previous fiscal.

The company accounts the profit for the fourth quarter to improved international performance, restructuring programmes, reduced fuel prices and exceptional items, which significantly improved EBITDA margin to 20.8 per cent.

The airline saved a large chunk in fuel costs compared to the fourth quarter of last fiscal, owing to the decrease in the fuel prices. Jet had to spend Rs 593.94 crore on fuel in quarter four, as compared to

Rs 1,080.21 crore that was spent for the same in the previous financial year. Jet also saw a rise in its earnings in the other operating incomes, basically by leasing out some of its aircraft to other airlines. Jet’s income stood at Rs 202.28 crore for the fourth quarter compared to Rs 72.57 crore in the year-ago period. Jet Airways has managed to lease out nine long haul aircraft to other airlines till now

Jet’s consolidated income for the same stood at Rs 393.55 crore compared to Rs 141.82 crore last fiscal.

The airline, however, has posted a consolidated net loss of Rs 961.41 crore in the financial year ended March 31, 2009 compared with the net consolidated loss of Rs 653.87 crore in the previous financial year.

The carrier’s net consolidated sales during the year under review stood at Rs 12,655.94 crore against Rs 10,078.51 crore earlier.

For financial year 2008-09, the airline’s stand-alone loss stood at Rs 402.34 crore, the airline said in a statement on Monday. Jet had recorded a loss of Rs 253.06 crore in the previous financial year. Jet’s net standalone sales come to Rs 11,083.43 crore compared to the standalone sale of Rs 8,669.28 crore in the last fiscal.