New Delhi: Jet Airways Ltd on Friday reported its first operating profit since the last three months of 2012, after benefiting from a drop in fuel costs and a rise in revenue.
Operating profit reached 30 million rupees ($486,000) for the three months ended Dec. 31. That compared with a loss of 2.84 billion rupees a year earlier.
The halving of oil prices since June has provided financial relief to Indian carriers, most of which have lost money for the last two years because of low-fare competition as well as being subject to some of the world's highest operating and fuel costs.
The industry has also benefited from a cut in capacity by SpiceJet Ltd after the budget airline ran out of money in December.
Jet, India's second-biggest airline by market share after privately held IndiGo, is the country's first carrier to report third-quarter results.
06/02/15 Tommy Wilkes/Jane Merriman/David Evans/Reuters
Operating profit reached 30 million rupees ($486,000) for the three months ended Dec. 31. That compared with a loss of 2.84 billion rupees a year earlier.
The halving of oil prices since June has provided financial relief to Indian carriers, most of which have lost money for the last two years because of low-fare competition as well as being subject to some of the world's highest operating and fuel costs.
The industry has also benefited from a cut in capacity by SpiceJet Ltd after the budget airline ran out of money in December.
Jet, India's second-biggest airline by market share after privately held IndiGo, is the country's first carrier to report third-quarter results.
06/02/15 Tommy Wilkes/Jane Merriman/David Evans/Reuters
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