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India's Jet Airways Q1 to June net profit rises 84 pct amid booming market

21-Jul-2005

BOMBAY (XFNews) - India's largest private airline, Jet Airways, said its net profit for the first quarter ending June rose 84 pct from a year earlier, amid a booming aviation market.

Net profit for the quarter ending June increased to 953.4 mln rupees from 519 mln a year earlier, on revenue that rose 44 pct to 13.45 bln rupees from 9.36 bln rupees.

The airline's management said it is confident that its newly-launched international operations will boost revenue growth.

Jet Airways started international operations in the April-June quarter this year.

"We expect our Southeast Asia operations (which include Singapore and Kuala Lumpur) to bring in 40 million dollars annually, while the US-UK operations are expected to bring in another 100 million dollars," Saroj Dutta, executive director and board member, said in an interview with NDTV television.

"We will continue to operate as a premium brand but will not ignore the fast-growing lower income bracket," he added.

The company listed in March after it sold a 20 pct stake or 17.2 mln shares. The initial share sale price was 1,100 rupees.

Jet Airways stock closed up 22.5 rupees or 1.74 pct at 1,318 rupees on the Bombay stock exchange before the earnings announcement.


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