JET AIRWAYS Q4 NET SLUMPS TO 23 CRORE
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.