Jet Airways stock jumps 6% on Q4 earnings


MUMBAI: Shares of Jet Airways BSE -0.35 %today surged nearly 6 per cent after the company posted net profit of Rs 426 crore for the March quarter.

The company’s result came post markethours yesterday.

The stock jumped 5.84 per cent to Rs 642 on BSE.

On NSE, it climbed 5.23 per cent to Rs 638.

Staying profitable for the fourth straight quarter last fiscal, Jet yesterday posted a net profit of Rs 426 crore, primarily aided by lower fuel expenses and higher passenger numbers.

The full-service carrier, which has also boosted higher traffic from code share with other airlines, had a net loss of Rs 1,803 crore in the year-ago period.

“For Q4 of FY16, the company reported a net profit of Rs 426 crore, compared to a loss of Rs 1,803 crore for the same period last year. It marks the company’s fourth straight quarter of profitability,” Jet Airways had said in a release.

For the full year ended March 2016, the airline recorded a net profit of Rs 1,212 crore, as against a net loss of Rs 2,097 crore in 2014-15.

As per the carrier, it is the “highest ever annual profit in its history for the year ended March 31, 2016, and thereby achieved return to profitability a year earlier than the target set in its turnaround plan two years ago”.