Jet Air Q4 net rises; FY10 loss narrows as traffic improves

Jet Air Q4 net rises; FY10 loss narrows as traffic improves

Mumbai: Jet Airways (India) Ltd, India’s top private carrier, on 20 May reported a 10.5% rise in quarterly net profit and a narrower full year net loss helped by higher air traffic and better load factors.

“The revival in the domestic travel industry and high levels of seat factors achieved in the international operations," helped the quarter, Jet Airways said in a statement.

“The industry load factors have also moved up to the low-to-mid 70% range over the last few months," the airline said.

Jet Airways reported a net profit of Rs585.8 million for the quarter ended 31 March, compared with Rs529.9 million a year ago.

Total income also rose to Rs27.78 billion from 24.65 billion.

Its consolidated net loss for the full year narrowed to Rs4.2 billion from a loss of Rs9.6 billion the previous fiscal.

Analysts polled by Reuters were expecting a net loss of Rs694 million for Jan-March.

Jet Airways has seen robust load factors of 81.6% for international and 72.9% in domestic routes for Jan-March.

“We are seeing healthy seat factors for April and May 2010. The trends for next few months look healthy and the capacity situation has been under control for the last few months," Jet said.

Its shares ended 2.97% down at Rs495.2 in a firm Mumbai market.