The Hindu Business Line : Jet Airways net down 11 pc in Q2

JET Airways has posted a profit after tax of Rs 68.59 crore for the second quarter ended September 30, 2005. This was 11.4 per cent down on the Rs 77.42 crore recorded in the quarter ended September 30, 2004.

The company has attributed the drop in profit after tax to the increase in fuel and payroll costs, besides lease rentals, which have risen substantially with the lease of three wide-body A340 aircraft, and flood-related disruptions.

During the quarter under review, fuel costs went up by 22 per cent at Rs 55 crore. Payroll costs grew 40 per cent at Rs 124.1 crore (Rs 88.6 crore) during the same period.

Flood-related disruptions between July 26 and August 3, 2005 resulted in direct costs of over Rs 3.5 crore, according to Mr Saroj Datta, Executive Director, Jet Airways.

Total income for the quarter ended September 30, 2005, was Rs 1,324.24 crore, compared to Rs 1,036.74 crore in the same quarter of the previous year. The increase in total income was attributed to the higher passenger volumes.

Mr Datta told presspersons here on Saturday that excluding start-up costs, the airline was on track to break even on all its international routes in the first year of operations.

During the six months ended September 30, 2005, passenger volumes increased by 19 per cent at 4.5 million passengers as against 3.7 million in the same period last year.

During the same six-month period, profit after tax increased by 26.72 per cent at Rs 163.93 crore (Rs 129.36 crore). Net income from operations stood at Rs 2,590.16 crore (Rs 1,926.42 crore).

The share was quoting at Rs 989.50 on the BSE at the close of trading on

Friday as against Rs 1,000.95 the previous day.

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