Pricing pressure in global operations dents Jet Airways' Q3 numbers

Jet Airways

Jet Airways has been struggling with weak demand from the Persian Gulf for a few quarters, though the management indicated that might change soon


 LATEST NEWS : Jet Airways’ December quarter performance did not go down well with the Street, with the stock shedding nearly 6 per cent at close on Thursday.
The company had declared the results after market hours on Wednesday.
One reason for the stock fall could be the net profit decline. The bottom line, at Rs 1.86 billion, was down 38 per cent over the year-ago quarter. However, net profit for the year-ago period, at Rs 2.99 billion, included Rs 3.27 billion profit on sale and leaseback of aircraft. The company has restated the numbers for the third quarter of 2016-17 and nine months of 2016-17 to reconcile these with Indian accounting standards. Without the adjustment, net profit would have shown an increase of 19.2 per cent.
On the operational front, revenues increased 10.4 per cent to Rs 64.12 billion. This was led by a 13.4 per cent increase in passenger volumes to 7.7 million for the quarter ended December. Domestic passenger growth was even better at 17 per cent, though this was lower than the sector’s growth of 18 per cent. SpiceJet had reported 18.2 per cent growth in passenger volumes.
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