Jet Airways Q2 net falls 91% to Rs 49 cr

Net profit for the quarter ended September 30 came in at 496.3 million rupees ($7.69 million), compared with a profit of 5.49 billion rupees in the year-ago quarter. 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. Foreign currency fluctuation loss and impairment loss of Rs 56.57 crore on account of loans to its subsidiary JetLite also contributed to the decline. In a later note, the airline said it had made a profit of Rs 190.22 crore past year on the sale and leaseback of planes. Aircraft fuel expenses rose over 16 per cent to ₹1,525.66 crore for the quarter.

In the Q2 of 2017-18, the Naresh Goyal-owned airlines saw its total sales decline to Rs 5,758.18 crore in the quarter as compared to Rs 5,772.79 crore in same quarter of previous fiscal.

The fall in the profit has been attributed to the inability to offset the rise in jet fuel prices.

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It is the tenth successive profitable quarter for the airline backed by growth in capacity, revenues as well as accompanying reduction in non-fuel costs, the airline said in a statement. Other expenses grew 26% to Rs 1350 crore.

In September, Harsh Mohan, Etihad group's chief of support services, was named as a board member in place of CEO James Hogan, who quit the Gulf airline.

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