Jet Airways, India's largest airline, ended its five consecutive quarters of losses with a modest profit of Rs 24.70 crore for the June quarter, aided by higher fares, sale and lease back of aircraft and amortisation of forex losses.
The airline upped its passenger revenues by 19.5%, riding on firming of yields on domestic network as competitors stopped selling tickets below cost. Jet is the second listed airline company to return to the black after SpiceJet announced a profit last week. Cost control and revenue improvement helped Jet post profit, the airline said.
Jet's promoter and chairman Naresh Goyal attributed the enhancement of revenues to a brand merger of JetLite (erstwhile Air Sahara that was acquired by Jet) and JetKonnect (Jet's new product offering in 2009), mooted in 2011 and formalised in 2012.
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