JET AIR­WAYS Q4 NET SLUMPS TO 23 CRORE

SP's Airbuz - - News Briefs -

The con­sol­i­dated net profit of Jet Air­ways slumped by 95 per cent to 23 crore in the last quar­ter of Fi­nan­cial Year 2016- 17 on a year-on-year ba­sis ow­ing to higher ex­penses. In the same pe­riod last fis­cal, the air­line made a profit 426 crore. In­crease in fuel costs by 59 per cent led to a sharp fall in profit. Fuel ex­penses rose to 1,581 crore in the year 2016-17 as against 999 crore in same pe­riod last year. “The past year has been ex­tremely chal­leng­ing for both do­mes­tic and in­ter­na­tional mar­kets. Not­with­stand­ing the growth in traf­fic in the do­mes­tic mar­ket, the down­ward pres­sure on yields con­tin­ued de­spite rise in oil prices. We achieved pos­i­tive re­sults through our re­lent­less ef­fort to stream­line op­er­a­tions, im­prove pro­duc­tiv­ity and busi­ness per­for­mance, en­abling us to re­duce our debt by 1,902 crore dur­ing this year, de­spite weak­en­ing de­mand in cer­tain in­ter­na­tional mar­kets, es­pe­cially in the Gulf re­gion,” Naresh Goyal, Chair­man of Jet Air­ways said. “Our strat­egy of cre­at­ing and lever­ag­ing mul­ti­ple gate­ways to fa­cil­i­tate seam­less travel, has started to show re­sults. We are com­mit­ted to pri­ori­tise and in­vest in net­work en­hance­ment, su­pe­rior guest ex­pe­ri­ence and op­er­a­tional ef­fi­cien­cies at all touch points to en­sure sus­tain­able growth and value ad­di­tion for stake­hold­ers,” he added.

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