India’s Jet Airways Group posts $13 million net profit for fiscal 2Q

India’s Jet Airways Group recorded a net profit of INR850 million ($12.7 million) for the second quarter of the airline’s 2017 financial year, up 2.4% from INR830 million in the year-ago quarter. Second-quarter revenue for the Group was INR56.8 billion, up 3.2% from INR55 billion a year ago.

Jet Airways Group carried a total of 6.8 million passengers during the quarter, up 6.3% year-over-year (YOY). Codeshare partners supplied 1.2 million passengers during the quarter, up 15% YOY, while passengers and revenue delivered by Etihad Airways and Etihad Airways Partners rode 32% and 25%, respectively. Jet Airways is an Etihad Airways Partner airline, with the Abu Dhabi-based carrier having a 24% stake in Jet.

For Jet Airways on a standalone basis, second-quarter operating revenue for the airline was INR54.2 billion, up 3.1% from INR 52.6 billion a year ago. Total expenses were $55.1 billion, down 5% YOY, producing an operating profit of INR1 billion, down 47% from INR1.9 billion a year ago. Net profit for the airline during the quarter was INR1.1 billion, up 23.4% from INR876 million in the year-ago quarter.

Group traffic grew 5.6% YOY to 10.8 billion RPKs while capacity increased 5.7% YOY to 13.2 billion ASKs during the quarter. Cost per ASK (CASK) dipped 0.4% to 6.61 US cents. Minus fuel, the Group’s CASK was up 1.7% to 4.99 US cents. The Group’s passenger load factor for the quarter was 81.7%, flat YOY.

“Growth in passenger numbers and aircraft utilization contributed significantly to our performance during the second quarter, together with maintaining a broadly flat nonfuel cost, despite inflation.” Jet Airway vice-chairman and president and CEO of Etihad James Hogan said.

“Improvements in operational performance have helped Jet Airways participate in the strong growth being witnessed in the Indian aviation market,” Jet Airways chairman Naresh Goyal said.

On Nov. 15, Jet Airways and Kenya Airways announced the expansion of an existing codeshare agreement between the two airlines to include codeshares on Jet’s domestic flights between Mumbai, New Delhi, Ahmedabad and Hyderabad.

Source: December 2016

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