Jet Airways' standalone Q1 net profit plunges 53%

Jet Airways on Friday reported a decline of 53.47 per cent in its stand-alone net profit for the first quarter of the current fiscal.

According to the company's regulatory filing to the BSE, its stand-alone net profit stood at Rs 103.14 crore from Rs 221.70 crore in the corresponding period of the last fiscal.

The company's stand-alone total income from operations during the quarter under review fell by 2.07 per cent to Rs 5,112.02 crore from Rs 5,220.11 crore earned during the corresponding period of 2015-16.

On a consolidated basis, the company's net profit declined by 44.24 per cent to Rs 126 crore from Rs 226 crore in the corresponding period of the previous financial year.

"The net profit of Q1 FY16 included an exceptional item on account of contribution receivable from lessors," the company said in a statement.

"Jet Airways has strengthened its core operations and achieved better capacity utilisation and greater efficiency," Naresh Goyal, Chairman of Jet Airways was quoted in the statement.

"We have been able to report lower non-fuel cost in spite of inflationary increases and weakening of Indian Rupee against US Dollar by almost 6%."

According to Goyal, due to the intense competitive environment, industry yields were under pressure in the first quarter and the trend is expected to continue in the second quarter.

"Consistent financial performance has enabled Jet Airways to further reduce its debt by INR 358 cr during Q1 of FY17," the statement said.

The statement disclosed that on a consolidated basis the airline's passenger traffic during the quarter under review increased by 4.4 per cent to 6.6 million from 6.3 million in the like period of previous fiscal.

--IANS

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