Jet Airways reports 91 per cent fall in Q2 net profit

Jet Airways on Thursday reported a massive fall in its other income which saw the company’s standalone net profit plunging 91 per cent in the September quarter.

The second-largest airline’s net profit stood at Rs. 49.63 crore in the quarter ended September 2017 vis-à-vis Rs. 549.02 crore in the same period last fiscal. The total sales of the company declined to Rs. 5,758.18 crore in the quarter as compared to Rs. 5,772.79 crore in same quarter last year whereas, its other income declined 59 per cent to Rs. 131.57 crore in the quarter from Rs. 319.58 crore in Q2 last year.

Explaining the decline in profit, the company said that it had made a profit of Rs. 190.22 crore last year on the sale and leaseback of planes; it made no such profit this year. Its peers SpiceJet posted 80 per cent increase in its net profit, whereas market leader IndiGo announced a four-fold increase in its quarterly net profit.

At 10:40 hours, Jet Airways was trading at Rs 673.20, down Rs 23.60, or 3.39 per cent on the NSE. The scrip opened at Rs 669.40 and touched a high and low of Rs 679.40 and Rs. 664.65, respectively. The stock attracted a traded volume of 28,15,559 shares on NSE.