Jet Airways third quarter net profit drops nearly 70% to Rs 14,238 lakh
Jet Airways has reported 69.52% decline in its standalone net profit for the third quarter ended on December 31, 2016.
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.
ALSO READ: Jet Airways reports 23% growth in net profit in Q2
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.
See LIVE stock updates of Jet Airways here-
ALSO READ: Jet Airways cut economy fares by 20% on select routes
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
08:01 PM IST