Business Daily from THE HINDU group of publications
Tuesday, May 26, 2009
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Business Daily from THE HINDU group of publications Tuesday, May 26, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Financial Performance Corporate Results - Airlines
Fuel expenses fell 45 per cent to Rs 594 crore from Rs 1,080 crore during the quarter The number of employees was down from 13,300 in January to a projected 12,500 by end-May Our Bureau Mumbai, May 25 Thanks to a reduced fuel bill and a jump in other operating income, Jet Airways has posted a net profit of Rs 53 crore in the fourth quarter ended March 31, 2009 against a net loss of Rs 221 crore in the same period a year ago. Expenditure was down 18 per cent to Rs 2,402 crore (Rs 2,946 crore). The biggest gain, though, came in fuel expenses which fell 45 per cent to Rs 594 crore from Rs 1,080 crore. Though total income fell 16 per cent to Rs 2,263 crore (Rs 2,687 crore) this was made up by other operating income which shot up nearly three-fold to Rs 202 crore from Rs 72 crore. There was a Cenvat credit of Rs 350 crore. Employees’ remuneration and benefits were down five per cent to Rs 333 crore (Rs 352 crore). Mr Wolfgang Prock-Schauer, CEO, told Business Line that the number of employees was down from 13,300 in January to a projected 12,500 by end-May. The carrier that flew 20 per cent fewer passengers this quarter at 2.54 million expects the slowdown in air travel to continue this year. Domestic operations accounted for 43.9 per cent of the operating revenues as against 58 per cent last year. However, revenues from international operations grew to 56.1 per cent from 42 per cent. Domestic seat factor was down to 64.6 per cent (74 per cent), while the international part increased to 75.3 per cent from 69 per cent. Jet has reduced capacity by 22.3 per cent in the domestic market. The airline has predicted sluggish demand for domestic and international operations especially in the premium segments. Its cost reduction initiatives include network restructuring, rationalising personnel costs, debt restructuring, restructuring of aircraft leases, cash conservation etc. The savings as a result have been $600 million, said Mr Prock-Schauer. Jet Air celebrates 16 years Jet Airways Konnect enhances connectivity Jet, Virgin sign code-share pact More Stories on : Financial Performance | Airlines | Jet Airways (India) Ltd
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