Jet Airways reports first profit since 2007
Jet Airways has reported its first annual profit since 2007, a year ahead of schedule under its 2014 turnaround plan. The carrier said lower fuel costs and higher aircraft use helped it swing to a profit in the year ending March 31 but warned that growing domestic competition was putting pressure on yields. For the year, its net profit was INR12.12b (US$181m) compared with a loss of INR20.97b the previous year, the company said. Jet reported a profit of INR4.26b for Q4 to the end of March, compared with a loss of INR18.03b in same quarter a year earlier. It lowered its debt by INR16.8b during the year but did not say what the latest debt level was. The airline would continue to focus on strengthening its balance sheet to sustain growth, chairman Naresh Goyal said, although he said competitive and structural challenges remained. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-05-27/eap/jet-airways-reports-first-profit-since-2007
https://portal.staralliance.com/cms/logo.png
Jet Airways reports first profit since 2007
Jet Airways has reported its first annual profit since 2007, a year ahead of schedule under its 2014 turnaround plan. The carrier said lower fuel costs and higher aircraft use helped it swing to a profit in the year ending March 31 but warned that growing domestic competition was putting pressure on yields. For the year, its net profit was INR12.12b (US$181m) compared with a loss of INR20.97b the previous year, the company said. Jet reported a profit of INR4.26b for Q4 to the end of March, compared with a loss of INR18.03b in same quarter a year earlier. It lowered its debt by INR16.8b during the year but did not say what the latest debt level was. The airline would continue to focus on strengthening its balance sheet to sustain growth, chairman Naresh Goyal said, although he said competitive and structural challenges remained. <br/>
