Jet Airways Group today announced its second successive profitable year for the year ended Mar. 31, 2017.

For Q4 of FY17, the group reported a net profit of INR 23 crores. The Group reported a consolidated profit of INR 438 crores for the year.

“Despite the challenges posed by the recent increase in Brent price, coupled with continuing low airfares and increased capacity, the airline reported profit during FY17,” the airline said.

Revenues from codeshare traffic for the fourth quarter of FY17 rose by 5.3%.

During the quarter, Jet Airways strengthened its connectivity towards the Far East, adding codeshares with Hong Kong Airlines, Fiji Airways and JetStar Asia, bringing high-demand destinations such as Fiji, Bali, Okinawa (Japan), as well as Darwin and Auckland in Australia and New Zealand respectively, into its network for the very first time.

Naresh Goyal, Chairman, Jet Airways, said, “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 INR 1,902 crores during this year, despite weakening demand in certain international markets, especially Gulf.”

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