India's second-biggest private airline Jet Airways has reported its quarterly loss narrowed by 86% from a year ago as it benefited from troubles roiling rival Kingfisher Airlines.
Jet announced late Friday a net loss of 997 million rupees ($18.5 million) in the second quarter, down sharply from a 7.13-billion rupees loss posted in the same period a year earlier, as operating income surged.
The results surprised aviation analysts who expected the airline to post a 2.6-billion rupee loss for the three months to September.
"An improvement in yields has helped the group to post an operating profit," Jet chief executive Nikos Kardassis said. But he added an industry wide "slowdown in passenger traffic due to a weakened economic scenario and high fuel prices" pushed the carrier into the red.
The airline owned by Indian tycoon Naresh Goyal -- a former travel agent -- posted its first profit in 18 months in the April-to-June quarter. Jet is among the carriers which have gained passengers from cash-strapped Kingfisher Airlines owned by liquor baron Vijay Mallya that until last year was India's second-largest airline but now is its smallest.
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