World Economy

Jet Airways Profits Rise

Jet Airways Profits Rise  Jet Airways Profits Rise

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.