New Delhi: Jet Airways, which saw a steep fall in its third quarter net
profit, today said demand has been slowing in the Gulf sector amid a
fall in oil prices.
In the three months ended December 2016, the full-service carrier recorded a nearly 70 per cent plunge in net profit at Rs 142.38 crore as higher fuel expenses and other costs took a toll on its bottom line.
The airline logged a net profit of Rs 467.11 crore in the year-ago period.
During a conference call to discuss the latest quarterly results, Jet Airways Acting CEO Amit Agarwal said the Gulf sector is witnessing slow demand due to the slump in oil prices.
Lower oil prices have adversely impacted many Gulf economies, squeezing their spending power.
In the third quarter, the Gulf region had a muted performance for the airline while the international RASK came down to 11.2 per cent, he added.
RASK (Revenue per Available Seat Kilometre) is an indicator of profitability for an airline.
To Read the News in Full 09/02/17 Times of India
In the three months ended December 2016, the full-service carrier recorded a nearly 70 per cent plunge in net profit at Rs 142.38 crore as higher fuel expenses and other costs took a toll on its bottom line.
The airline logged a net profit of Rs 467.11 crore in the year-ago period.
During a conference call to discuss the latest quarterly results, Jet Airways Acting CEO Amit Agarwal said the Gulf sector is witnessing slow demand due to the slump in oil prices.
Lower oil prices have adversely impacted many Gulf economies, squeezing their spending power.
In the third quarter, the Gulf region had a muted performance for the airline while the international RASK came down to 11.2 per cent, he added.
RASK (Revenue per Available Seat Kilometre) is an indicator of profitability for an airline.
To Read the News in Full 09/02/17 Times of India
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