Jet Airways Ltd said on Saturday its December quarter net profit rose more than seven times, with sharply lower fuel costs helping the carrier post a third consecutive quarterly gain following a series of losses, Reuters reported. Jet, India’s second largest carrier by market share, said net profit in the October-December period rose to 4.67 billion rupees ($68.88 million) from 631.1 million rupees a year earlier, marking a record high quarterly profit. The airline’s fuel expenses dropped by 27% in the period, its fiscal third quarter. Total income from operations grew by 8% to 54.44 billion rupees aided by a 20% surge in passenger traffic, the company said in a statement. Despite rapidly rising demand for air travel in India, Jet, which is 24%-owned by Abu Dhabi’s Etihad, has not made an annual profit since 2007, dragged into the red by high operating costs and fierce competition for passenger fares.
