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Jet Airways Q1 net doubles to Rs 53 cr

  • 13 September 2017

Jet Airways’ net profit more than doubled in the June quarter as healthy domestic growth offset muted earnings from its global operations. It was also bumped up by higher other income and gains on foreign exchange. Profit rose to Rs53.5 crore in the three months to June from Rs25.88 crore a year ago.

"Jet Airways took several focused measures to revitalize its business and realise greater efficiencies in spite of weakening international demand, especially from the Gulf. Low fares, together with addition of capacity in the domestic market, continues to put pressure on yields. We have taken definite steps to strengthen our key performance indicators, including increasing our domestic footprint by enhancing connectivity and choice for guests not just between our hubs and metros, but also between emerging cities.

On the international side, the Gulf situation notwithstanding, our synergies with our strategic and equity partner - Etihad Airways, continue to grow on a healthy trajectory. Our partnership continues to deliver incremental value to both partners not only from strategic and operational perspectives, but also in commercial terms,” Naresh Goyal, Chairman Jet Airways, said.

Jet Airways continued expanding its cooperation with its codeshare partners and the overall number of codeshare guests and revenues for the first Quarter of FY’18 grew 22% and 76% respectively.

The airline announced its plans to launch three new international flights wef from October 29, 2017, to Amsterdam, Paris and London, from Bengaluru, Chennai and Mumbai respectively. The new flights from Bengaluru and Chennai are especially significant as they will enable the airline to connect guests in Southern India with Europe and North America for the very first time with non-stop and one-stop flights in codeshare with KLM Royal Dutch Airlines and Delta Air Lines as well as with Air France and Delta Air Lines respectively.

Strengthening its codeshares towards the West, Jet Airways signed a MoU for codeshare with Aeromexico to promote travel between India and Mexico. Towards the East, the airline signed another arrangement with China Eastern Airlines for codeshare services to Shanghai and Kuoming, further enhancing connectivity for its guests.

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