Jet Airways Group's Q2 net profit at Rs 71 cr

Jet Airways Q2 profit tanks 91% due to rise in jet fuel expenses

Jet Airways second-quarter profit slumps 91 percent

Jet Airways Thursday said its standalone net profit for the quarter to September fell 91% as it didn't make any gains on sale and leaseback of planes and failed to keep a check on some cost heads.

Income on this account stood at Rs 190.22 crore in the quarter, the airline said.

"The weak demand in the Gulf continues while low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices", Jet Airways Chief Executive Officer Vinay Dube was quoted as saying in the release.

"In line with our commitment to offer guests a superior experience, we continue to grow our domestic presence while keeping a tight control on costs, reflecting in the reduction in non-fuel CASK".

The carrier had last month in a presentation told investors about its plans for strategic growth where the key focus would be on cost minimisation. Meanwhile, the expenses rose to Rs 5,709 crore as opposed to Rs 5,224 crore seen for the same period in the previous financial year, as per a BSE filing. On the other hand, other income saw a steep decline of 59 per cent in the last quarter to Rs 131 crore from Rs 319.58 crore in year-ago period. It is expected to further boost connectivity between India and Europe.

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