Jet Airways’ Q4 standalone net profit down 91%

Mumbai, May 30 (IANS) Airline major Jet Airways on Tuesday reported a massive decline of over 90.73 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17.

According to the company, its standalone net profit during the quarter under review declined to Rs 36.80 crore from Rs 397.16 crore reported in the corresponding period of 2015-16.

However, the Q4 standalone total income of the company inched higher by 5.65 per cent to Rs 5,759.58 crore from Rs 5,451.28 crore earned in the corresponding period of the previous fiscal.

On a full financial year 2016-17 basis, Jet Airways reported that its standalone net profit edged lower by 66.73 per cent to Rs 390.43 crore from Rs 1,173.56 crore earned in the corresponding period of the previous fiscal.

On the group level, the company reported a decrease of 63.81 per cent in its consolidated profit of Rs 438.45 crore for the fiscal year from Rs 1,211.65 crore reported in the corresponding period of 2015-16.

The company said that despite the challenges posed by the recent increase in Brent (crude oil) price, coupled with continuing low air fares and increased capacity, the airline was able to report a profit during FY17.

"The past year has been extremely challenging for both domestic and international markets," said Naresh Goyal, Chairman, Jet Airways.

"Notwithstanding the growth in traffic in the domestic market, the downward pressure on yields continued despite rise in oil prices."

Goyal said that the airline reduced its debt by Rs 1,902 crore during the financial year under review, despite weakening demand in certain international markets, especially Gulf.