Jet Airways India Ltd., swings to profit in the fourth-quarter, despite lower revenues on account of high fuel and other operating costs. However, the company reported loss for the fiscal year.
The company said it would continue to implement the steps initiated earlier towards cost control, route rationalization amongst others. In the opinion of the company, this would result in achieving operational efficiencies and improved results.
Standalone Results
The Mumbai-based company posted fourth-quarter standalone net profit of Rs.52.99 crore or Rs.6.14 per share, compared with a net loss of Rs.221.18 crore or Rs.25.02 per share in the fourth-quarter of 2008.
The company said the results for the quarter included a gain of Rs.349.93 crore towards CENVAT Credit and a charge of Rs.133.36 crore on account of mark-to-market losses on derivatives. In the previous year quarter, the company reported a one-time charge of Rs..69.45 crore towards excess depreciation reversal due to change in method. Excluding the gain/charge, the company posted net loss for the quarter was Rs.77.05 crore, compared with a net loss of Rs.304.74 crore in the fourth-quarter of 2008.
For the quarter, the company's net revenue from operations fell 16% to Rs.2,263.37 crore from Rs.2,687.33 crore in the corresponding quarter last year, while other operating income amounted to Rs.202.28 crore, compared with Rs.72.57 crore in the prior year quarter.
During the quarter, revenue from domestic segment plummeted 31% to Rs.1,047.38 crore from Rs.1,527.58 crore in the year-ago quarter, while revenue from international segment amounted to Rs.1,215.99 crore, up 5% from Rs.1,159.75 crore in the corresponding quarter last year.
The company said it has achieved passenger load factor of 71.7%, up from 70.9% in Q4 FY08 and carried 2.54 million revenue passengers, down from 3.17 million in the prior year quarter. The average seat factor during the quarter was 69.1%, compared to 69.5% for the same quarter in FY08.
The revenue per RPKM during the quarter declined 7% to Rs.3.90 from Rs.4.19 in the previous year quarter, while the average gross revenue per passenger rose 5% to Rs.8,156 from Rs.7,768 in the corresponding quarter last year.
For the fiscal year, the company's standalone net loss widened to Rs.402.34 crore from Rs.253.06 crore in 2008. Total revenue, including other operating income, increased 30% to Rs.11,476.98 crore from Rs.8,811.10 crore in the previous year.
The results for the full year included gains of Rs.349.93 crore towards CENVAT Credit, Rs.915.87 crore on account of excess depreciation reversal due to change in method, as also a charge of Rs.100.73 crore towards mark-to-market losses on derivatives. In the previous fiscal, the company reported a one-time charge of Rs..69.45 crore towards excess depreciation reversal due to change in method. Excluding the gain/charge, the company 's net loss for the year was Rs.1,634.69 crore, compared with a net loss of Rs.343.14 crore in 2008.
During the year, the company has achieved passenger load factor of 67.7%, down from 69.2% in 2008 and carried 11.08 million revenue passengers, down 3% from 11.43 million in FY08. The average seat factor for the fiscal year was 67.6%, compared to 70.8% last year.
The revenue per RPKM during the year declined was Rs.4.40, flat with last year, whereas the average gross revenue per passenger rose 30% to Rs.9,128 from Rs.7,002 last year.
Consolidated Results
Jet Airways reported fiscal year consolidated net loss of Rs.961.41 crore, compared with a net loss of Rs.653.87 crore a year-ago. Total revenue, including other operating income totaled Rs.13,077.90 crore, up 28% from Rs.10,245.55 crore in 2008.
The results for the full year included gains of Rs.349.93 crore towards CENVAT Credit, Rs.915.87 crore on account of excess depreciation reversal due to change in method, as also a charge of Rs.100.73 crore towards mark-to-market losses on derivatives. In the previous fiscal, the company reported a one-time charge of Rs..69.45 crore towards excess depreciation reversal due to change in method. Excluding the gain/charge, the company 's net loss for the year was Rs.2,192.06 crore, compared with a net loss of Rs.742.07 crore last year.
The company said its board has not recommended any dividend for the fiscal year 2009.At the BSE, Jet Airways closed Monday's trading at Rs.305.25, up by Re.1.95 or 0.64% on a volume of 13.74 lakh shares. The stock hit an intraday high of Rs.316.00 and a low of Rs.289.10.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.