Jet Airways 1HFY2011 profits surge, expects better 3QFY2011

Jet Airways revenue up 31% - financial highlights for the three months ended 30-Sep-2010:

• Revenue*: USD795.1 million, +31.2% year-on-year;
  • Jet Airways: USD708.8 million, +31.9%;
  • JetLite: USD86.3 million, +25.6%;
• Costs:
  • Jet Airways: USD647.3 million, +14.0%;
    • Fuel: USD224.4 million, +27.5%;
    • Labour: USD72.4 million, +6.3%;
• EBITDAR: USD164.8 million, +219.2%;
  • Jet Airways: USD154.9 million, +159.0%;
  • JetLite: USD9.9 million, compared to a loss of USD8.2 million in p-c-p;
• Profit (loss) after tax: (USD11.3 million), compared to a loss of USD120.2 million in p-c-p;
  • Jet Airways: USD2.8 million, compared to a loss of USD91.8 million in p-c-p;
  • JetLite: (USD14.1 million), compared to a loss of USD28.5 million in p-c-p;
• Passenger numbers: +20.2%;
  • Jet Airways: 3.5 million, +23.5%;
• Seat factor:
  • Jet Airways: 77.4%, +0.4 ppt;
  • JetLite: 74.2%, +2.4 ppts. [more]

*Based on the conversion rate at USD1 = INR44.31

Jet Airways: "The buoyancy in Indian domestic travel market has been fuelled by a healthy GDP growth and increased business confidence. The along with the ensuing peak season in Q3 will help airlines to improve yields from hereon. The industry is operating at seat factor in the high seventies reflecting the growing demand in the market. Out international operations continue to achieve seat factor of around 80%. We expect the yields to improve further on account of the peak season," Company statement. Source: Jet Airways, 29-Oct-2010.