Jet Airways reported a consolidated net profit of Rs 93 crore in third quarter FY 2013 against a loss of Rs 122 crore in same period last year, Latest stock price
Higher revenue and improvement in yields coupled with reduced operating expenses helped Jet Airways to return to profit. The airline reported a consolidated net profit of Rs 93 crore in third quarter FY 2013 against a loss of Rs 122 crore in same period last year.
Jet Airways revenue grew 6.6% to Rs 4251 crore and earning before interest tax depreciation amortisation and rentals was up 28% as the airline scaled back capacity and cut down its costs. Expenditure was down 7.5% largely due to a decline in employee, fuel and sale and distribution related costs.
Overall the airline reduced capacity by 9% and carried 10.7% less passengers compared to 3Q 2012. Even the loads were lower but the airline reported 22 % yield growth in its domestic and international operations. International service accounts for 56% of total revenue on a stand alone basis.
JetLite (re branded as Jet Konnect) capacity reduced 21% and it carried 16% less passengers. Its revenue too declined 2.7% but it turned profitable (Rs 8.1 crore profit ) due to 30% growth in yields.
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