Jet Airways net profits fall to Rs 142.38 crore in Q3 FY17

Feb 04, 2017: Jet Airways posted a net profit of Rs 142 . 38 crore for the quarter ended December 31, 2016 compared to Rs 467.11 crore for the quarter ended December 31, 2015. A fall of 69 per cent in the net profits in Q3 FY17 compared to Q3 FY16.

Naresh Goyal, Chairman, Jet Airways, said, “In spite of the continuing downward pressure on yields caused by aggressive capacity addition in the industry as well as weaker international aviation markets, we have achieved positive results through our relentless effort to reduce net debt by almost 0.5billion dollars in the past two years. We have deepened our codeshare relationships with our strategic partner, Etihad Airways, and also with other airlines in the Far East, Asia Pacific and Africa. Our choice of Amsterdam as our European gateway, coupled with our comprehensive codeshare partnerships with Air France, KLM and Delta Air Lines out of Amsterdam, Paris and London Heathrow are also beginning to show promising results.”

James Hogan, Vice Chairman, Jet Airways and President and CEO, Etihad Aviation Group, said, “We are impressed to note and happy to support the continued trend of progressive developments at Jet Airways, despite the highly competitive and challenging aviation business environment in India as well as in the Gulf, which is another of Jet Airways’ core markets. As the airline’s strategic partner, we remain committed to enhance our combined value and advantage towards our guests and the business, using our mutual synergies as the fundamental building blocks.”

The Group reported total revenue of Rs 5,784 crore for Q3 FY17, an increase of 1.4 per cent over Rs 5,702 crore, for Q3 FY16.