Jet Airways reports largest quarterly loss in more than four years

Jet Airways, India’s largest carrier by market value, reported its largest quarterly loss in more than four years in the three months ended Sep-2009 (2QFY2010), as its net loss increased 6% to USD85 million, attributed to the traditionally "lean" second quarter, low yields and the five-day pilot strike in Sep-2009. [2389 words]

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This report contains the following subheadings:

• International revenues exceeding domestic revenues
• Lowest actual unit cost and unit revenue levels in over ten quarters; double digit growth reductions
• International operations close to breakeven, following significantly improved results in 2Q2010
• Domestic traffic showing “some signs of recovery”
• Load factors improve notably, but still way off break-even load factors
• Domestic traffic down by double-digits in Sep-2009; results in lost market share in the month
• Capacity cuts a thing of the past
• Fuel costs impact the bottom line
• Capital raising awaits approval
• Pilots continue to pressure management
• Riyadh adds to already large Gulf presence
• Jet Konnect fulfilling its purpose
• JetLite unprofitable in the second quarter, following small profit in the first quarter
• Gap between JetLite’s load factor and (unachievable) breakeven seat factor widens
• OUTLOOK: “Intense competition” and over capacity leads to yield declines, but expected to improve over next few quarters

This report contains the following charts and tables:

• Jet Airways financial highlights for three months ended 30-Sep-2009
• Jet Airways revenue (USD million) break down: Total, Domestic and International
• Jet Airways revenue per RPKM and cost per ASKM: 1Q2008 to 2Q2010
• Jet Airways revenue per RPKM and cost per ASKM growth: 1Q2008 to 2Q2010
• Jet Airways total EBITDAR margin: 1Q08 to 2Q10
• Jet Airways passenger numbers and passenger number growth: 2Q08 to 2Q10
• Jet Airways break even seat factor & Passenger load factor: 1Q08 to 2Q10
• Jet Airways passenger numbers and passenger number growth: Sep-2008 to Sep-2009
• Indian carriers domestic market share in Sep-2009
• Jet Airways operating costs: Three months to Sep-2008 vs Three months to Sep-2009
• JetLite financial highlights for three months ended 30-Sep-2009
• JetLite unit revenue/cost and passenger load factor: 2Q2008 to 2Q2010