Jet Airways Swings Into Profit, Shares Jump

Jet Airways shares jumped 6 per cent on Friday after India’s second-biggest airline reported its first annual profit in nearly a decade. Like its peers SpiceJet and IndiGo, Jet Airway’s bottom line was helped by lower fuel costs and higher passenger traffic.

Jet Airways reported a record net profit of Rs 1,212 crore in FY16 as compared with a loss of Rs 2,097 crore in the previous year. In the March quarter, Jet Airways reported a profit of Rs 426 crore versus a loss of Rs 1,803 crore in the year-ago period.

Jet Airways would continue to focus on strengthening its balance sheet to sustain growth, chairman Naresh Goyal said.

However, Jet warned that growing domestic competition was putting pressure on yields

As of 09.42 a.m., Jet Airways shares traded 3.1 per cent higher at Rs 625.30 as compared to 0.7 per cent gain in the broader Nifty.