Jet Airways' Q3 standalone net profit down 70%

Full-service passenger carrier Jet Airways on Friday reported a decline of 69.51 per cent in its standalone net profit for the third quarter of the current fiscal.

According to the company's regulatory filing to the BSE, its standalone net profit stood at Rs 142.38 crore from Rs 467.11 crore in the corresponding period of the last fiscal.

However, the company's standalone total income from operations during the quarter under review inched up by 0.62 per cent to Rs 5,478.07 crore from Rs 5,443.97 crore earned during the corresponding period of 2015-16.

On the group level, the company reported a profit of Rs 156.3 cr for the period ending December 31, 2016 supported by rising traffic and improved business efficiencies.

The Jet Airways Group reported total revenue of Rs 5,784 crore for the third quarter, an increase of 1.4 per cent over Rs 5,702 crore.

The passenger revenues during the same period rose by 2.4 per cent to Rs 4,962 crore from Rs 4,845 crore.

"In spite of the continuing downward pressure on yields caused by aggressive capacity addition in the industry as well as weaker international aviation markets, we have achieved positive results through our relentless effort to reduce net debt by almost $0.5 billion dollars in the past two years," Naresh Goyal, Chairman, Jet Airways was quoted as saying in a statement.

--IANS

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