The equity partnership with Etihad and lower fuel prices seem to be working wonders for Jet Airways as the company reported a profit during the quarter.
The airline reported a net profit of Rs 221.7 crore for the first quarter as against a loss of Rs 217.65 crore in the last quarter. The profits were aided by an exceptional item of Rs 127.95 crore and an other income of Rs 159.27 crore.
Total income from operations for the company grew 11.4 per cent to Rs 5,220.11 crore as against Rs 4,685. 64 crore in the comparable period, the company said.
During the quarter, passengers carried by the airline increased 21.3 per cent to 6.29 million passengers from 5.19 million an year ago. Average aircraft utilisatio grew 11.5 per cent to 12.7 hours during the quarter as compared to 11.4 hours in Q1FY15. Codeshare traffic increased 51 per cent with 4.87 lakh passengers.
Putting rest to speculations, Etihad Airways has said that it has no plans to hike stake in Jet Airways. “We have had no talks to take further stake in Jet Airways,” Etihad president and chief executive officer James Hogan said. After having benefitted hugely from lower fuel costs recently, Jet Airways is looking at reducing non fuel costs.