Jet Airways profit slides to ₹49.63 cr

The total sales of the country's second-largest airline also declined to Rs 5,758.18 crore in the quarter under review, from Rs 5,772.79 crore last fiscal, Jet Airways said in a regulatory filing today.

Jet Airways attributed the fall in other income to nil sales from share of profit and no income from the sale and leaseback of aircraft in the reporting quarter.

While SpiceJet posted a net profit of Rs 105.3 crore for the second quarter, up 80% on year, market leader IndiGo anounced a fourfold surge in its quarterly net profit to Rs 551 crore.

The airline's profit came below Bloomberg estimates, which had pegged it at Rs 99 crore.

CASK-excluding fuel fell by 5.3 percent to INR 3.07 against INR 3.24 in Q2 FY'17 - in line with Jet Airways' plan to achieve a 12-15 percent reduction in non-fuel CASK over the next 8-10 quarters.

The revenue from operations grew three per cent year-on-year to Rs 5627 crore in the quarter that ended on September 30 this year, as against Rs 5453 crore for the same period last fiscal.

Jet Airways also carried 7.7 per cent more passengers at 7.29 million in the September quarter over the same quarter of 2016-17, the release said. While revenue stagnated at ₹5,758 crore for the period, the airline reported forex loss of ₹72.99 crore in the quarter as opposed to a forex gain of ₹117.9 crore in the year-ago period.

In a separate filing with the stock exchanges, the airline appointed Kevin Knight to its board as the nominee for minority shareholder Etihad Airways in place of James Rigney.

In the same period, India's premier worldwide airline also forged an industry-first partnership with Airbnb - the world's leading community-driven hospitality company allowing it to offer a wide spectrum of rapidly growing, global hospitality choices to guests from India and establishing a deeper connect with the new-age Indian traveller, who is increasingly seeking unique and interesting experiences while travelling in India as overseas.

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