Jet Airways third quarter net profit drops nearly 70% to Rs 14,238 lakh

Jet Airways on Friday reported nearly 70% decline in the standalone net profit for the third quarter (Q3) of fiscal year 2016-17 (FY17) which ended on December 31, 2016.

The airline's net profit declined by 69.52% to Rs 14,238 lakh during October to December quarter of FY17 as against Rs  46,711 lakh in the October to December quarter of FY16, Jet Airways said in a filing to the BSE. 

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The company's total income from operations increased marginally by 0.63% to Rs 547,807 lakh during the period as compared Rs 544,397 lakh in the corresponding period of previous fiscal, it said in a statement.

The air carrier's total expenses during the quarter increased by 9.27% to Rs 540,532 lakh in the third quarter of FY17 as against Rs 494,676 lakh in the similar quarter of FY16. 

Its other income rose up 50.93% to Rs 29,040 lakh during the said quarter as compared to Rs 19,241 lakh in the same quarter of last fiscal on the back of transfer of its 'Jet Privileged Frequent Flyer Programme' undertaking to Jet PrivIlege Private Ltd (JPPL) on April 21, 2014 as going concern on a slump sale basis.

"The Company, having regard to the  the terms and conditions under the agreements for such sale, has recognised a surplus of Rs 6,230 lakh and Rs 23,699 lakh in "Other Income" for the quarter and Nine months ended on December 31,2016," Jet Airways said in a statement. 

On Friday, the stock of Jet Airways closed down 1.17% or Rs 4.50 at Rs 380.85 on the BSE. 

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