Dubai: Jet Airways Group on Saturday announced its fifth successive profitable quarter with a net profit of $19 million (Dh69.73 million) in the first quarter. However, the figure is down 53 per cent from the first quarter of 2015, when it saw profits of $36m.
Consistent financial performance has enabled Jet Airways to further reduce its debt by $53 million (Dh194.51 million) during the quarter.
“Jet Airways has strengthened its core operations and achieved better capacity utilisation and greater efficiency. We have been able to report lower non-fuel cost in spite of inflationary increases and weakening of Indian Rupee against US Dollar by almost 6 per cent,” said Naresh Goyal, chairman of Jet Airways.
He said that due to the intense competitive environment, industry yields were under pressure in the first quarter and the trend is expected to continue in the second quarter.
Goyal also said that code-share traffic delivered by Etihad Airways and other Etihad Airways Partner airlines to Jet Airways grew by 41 per cent.
Overall code-share traffic for the first quarter of 2017 grew 13 per cent to 551,859 passengers.
Jet Airways’ recently introduced daily non-stop operations to Amsterdam from Mumbai, Delhi and Toronto have received very encouraging response with an average seat factor of 84%.
