JET Airways records $19mn profit in Q1

Emirates Business

Jet Airways Group announced its fifth successive profitable quarter for the period ending June 30 based on continuing improvement in aircraft utilization, increased efficiency and reduction in cost, including non-fuel expenses. Consistent financial performance has enabled Jet Airways to further reduce its debt by US$ 53m during Q1 of FY17.
Cost per available seat kilometre (CASK) excluding fuel dropped by 1.2% to US cents 4.77 in Q1 FY17 compared to US cents 5.09 in the corresponding period of the previous year, clearly indicating Jet Airways’ focused approach in achieving operational efficiencies throughout its business.
The company reported a net profit of US$ 19m in Q1 of FY17 compared to US$ 36m in the corresponding period of the previous year. The net profit of Q1 FY16 included an exceptional item on account of contribution receivable from lessors. Naresh Goyal, Chairman, Jet Airways, said: “Jet Airways has strengthened its core operations and achieved better capacity utilization and greater efficiency.”