Jet Airways reports net loss in 3QFY2012

Jet Airways revenue up 13.6% – financial highlights for three months ended Dec-2011:

• Total revenue: USD794.2 million, +13.6% year-on-year;
• Total costs: USD887 million, +34%;
  • Fuel: USD349.3 million, +59.9%;
  • Labour: USD84.1 million, +26.1%;
• Profit (loss) before tax: (USD20.2 million), compared to a profit before tax of USD43.4 million in p-c-p;
• Net profit (loss): (USD20.2 million), compared to a net profit of USD23.6 million in p-c-p;
• Passenger numbers: 4.5 million, +15.1%;
• Passenger load factor: 77.8%, -1.5 ppts;
• Breakeven seat factor: 89.3%, +15.3 ppts;
• Revenue per RPK: USD8.09 cents, +3.8%;
• Cost per ASK: USD7.23 cents, +25.3%;
• Cost per ASK excl fuel: USD3.73 cents, +12.8%. [more – original PR]

*Based on the conversion rate at USD1 = INR50.20

Jet Airways: “High fuel prices together with depreciating Indian rupee versus US dollar have pulled down the operating results to an extent; however yield improvements due to seasonality and narrowing gap between demand-supply imbalances have helped the airlines to post operating profits. The Indian domestic market will continue to grow at a rate of 12 to 15% in the short to medium term. The capacity induction in the market has slowed down thereby giving considerable scope for airlines to push for higher yields and we saw some semblance of this from Nov-2011,” CEO, Nikos Kardassis. Source: Company statement 20-Jan-2012.

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