Turnaround momentum grows at Jet Airways as profits rise

9th Feb 2016
Turnaround momentum grows at Jet Airways as profits rise

Jet Airways has announced a strong financial performance, with record profits of US$71 million for the third quarter ending December 31st, 2015.

This is compared to US$0.5 million in quarter three of last year, providing further evidence of the growing momentum of its turnaround programme.

Naresh Goyal, chairman, Jet Airways said: “Jet Airways is rightly placed to participate in the fast growth in India’s aviation sector driven by the country’s strong economic fundamentals.

“As a network carrier we are committed to connect India to the world with our full service product, providing greater choice and world class travel experience to guests.

“The record profit and overall strong financial performance in this fiscal is a result of several initiatives undertaken for improving productivity and efficiency.”

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Jet Group’s total revenues for the quarter were US$863 million, while passenger revenues were US$733.7 million.

Jet Airways vice chairman James Hogan said: “We are very satisfied with the operating and financial performance of Jet Airways that has resulted in record profits.

“We remain committed to providing solid support and driving further synergies between the two partners.”
Jet Airways further enhanced its synergies with partners, expanding its codeshare partnership with strategic partner Etihad Airways.

Overall codeshare traffic witnessed growth of 28 per cent, from 416,816 passengers carried in quarter three of 2015 to 534,104 passengers this year, with codeshare traffic with strategic alliance partner Etihad Airways and its partner airlines growing by 86 per cent.

Jet Airways continues to develop synergies with Etihad Airways and other Etihad Airways Partners.

Cramer Ball, chief executive, Jet Airways, said: “Our strong operational performance resulting in record profit demonstrates the progress we continue to make in our turnaround plan.

“The key achievements during quarter three have been lower cost per ASK excluding fuel and higher aircraft utilisation resulting in additional capacity equivalent of nine 737 aircraft without any addition to the fleet.”

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