Jet trims Q1 losses to Rs 218 cr, to go back to single full-service brand
Jet posted a net loss of Rs 217.65 crore for the first quarter of the current financial year, down from Rs 355.38 crore a year earlier.
Revenue rose 17 per cent to Rs 4,685.64 crore in the reporting period, while total passenger revenue rose 11.1 per cent to Rs 4,262.6 crore, the airline said in a statement to the exchanges.
Codeshare pushed overall traffic by 157 per cent to 1,18,253 during the reporting period primarily driven by the strength of Etihad Airways' alliance.
International operating results improved 86 per cent, and is profitable, the Naresh Goyal promoted airline said, adding that the seat factor rose 2.3 percentage points to 80.2 per cent, pushing up its yield 1.8 per cent.
The airline termed the numbers as "strongly improved performance" and attributed the same to "the result of the three-year turnaround strategy and the partnership with Etihad started to impact the business positively."
Total number of revenue passengers who travelled with Jet Airways increased 4.3 per cent to 5.19 million from 4.98 million, with passenger load factor increasing by 2.3 percentage points from 77.9 to 80.2 as the airline gained new customers.
Overall RASK (revenue per available seat km) rose 6.4 per cent to Rs 4.68 from Rs 4.40, while domestic RASK rose 7.4 per cent to Rs 5.53 from Rs 5.15, and international RASK rose 8.2 per cent to Rs 4.18 from Rs 3.86.
International operations results improved 86 per cent underpinned by a surge of 157 per cent in codeshare traffic, which grew to 1,18,253 passengers in the first quarter.
This is expected to increase further as the full extent of the codeshare expansion with Etihad and Air France, which were activated only halfway through the quarter, take effect and Jet Airways' planned international network expands and more codeshares come online, the airline said.
Chairman Naresh Goyal said the airline is taking stringent measures to operate in an industry which continues to face tough challenges, and while there are no short-term solutions.