Jet Airways, India's second-largest carrier by passenger volume, reported upbeat earnings for the fourth quarter (Q4) and full year ended March 2016. The Mumbai-based carrier's consolidated net profit for 2015-16 was Rs. 1,211.65 crore as compared to a net loss of Rs. 2,097.41 crore in 2014-15.
The company's Q4 standalone net profit was Rs. 397.16 crore as against a net loss of Rs. 1,728.99 crore in the March 2015 quarter, according to a company statement released on Thursday.
Net sales rose marginally to Rs. 5,245.28 crore in Q4 from Rs. 5,064.52 crore in the corresponding quarter ended March 2015. Fuel costs plunged 25 percent to Rs. 999 crore from Rs. 1,334.47 crore in the year-ago period, Jet Airways said in the statement. It was the fourth consecutive profitable quarter for the company.
"Jet Airways has been revitalized as a business in the last two years. Our focused efforts have resulted in significant improvement in operational performance leading to record profitability," Naresh Goyal, Chairman of Jet Airways, said in another statement.
However, he sounded a note of caution going forward due to a variety of reasons.
"The competitive and structural challenges in the Indian aviation market continue to exist. In addition, the induction of capacity and the enhanced competitive scenario is creating a constant pressure on yields," he said in the statement.
For the full year ended March 2016, consolidated net sales grew 6 percent to Rs. 22,207 crore.
Jet Airways carried 25.8 million passengers in 2015-16, almost 15 percent more than it did in the preceding year.
An Economic Times report said the company posted full year profit after a gap of eight years.
Jet Airways carried 54.56 lakh passengers during the first four months of calendar year 2016 and had a market share of 15.9 percent in the domestic passenger traffic, according to the data released by the Directorate General of Civil Aviation. In April this year, the company carried 12.62 lakh passengers.
The Jet Airways stock closed at Rs. 606.55 on the Bombay Stock Exchange, up 1.29 percent from its previous close. Etihad Airways is a shareholder in the company.