Jet Airways

Clearly, the tie-up with Etihad Airways, lower fuel prices, increased other income and a Rs.128 crore contribution from lessor helped the company end Q1F1y6 with a net profit of Rs.222 crore v/s loss of Rs.218 crore in previous Q1.  Total income rose 11% (YoY) at Rs.5220 crore. 58% of this revenue now comes from international operations and its EBIT showed a 29% rise. Domestic operations were also robust, showing a 40% jump.

What also helped boost the bottomline was other income of Rs.159 crore (Rs.55 crore in previous Q1) and this was recognized a profit on sale and leaseback of engines.  Another Rs.128 crore came in via contribution receivable from lessor towards maintenance.  Aviation fuel cost was down at 28% of total cost incurred, down from 37% in previous Q1. This fuel cost was down 20% (YOY) but up 8% sequentially. Total costs were up 5% and increase in employee remuneration due to incremental salary arrears for certain category of employees added to the expenses.

During the quarter total passengers increased 21% to 6.29 million. Codeshare traffic surges 51% and average aircraft utilizations grew by 11.5% to 12.7 hours v/s 11.4 hours in previous Q1. This puts Jet amongst the highest 7373s utilization’s in the world.