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Jet Airways profit before tax doubles in 3QFY2011

3-Feb-2011 10:52 AM

Jet Airways Group revenue up 19% - financial highlights for the three months ended 31-Dec-2010:

  • Revenue*: USD880.0 million, +18.8% year-on-year;
    • Jet Airways: 773.0 million, +19.7%;
    • JetLite: USD107.0 million, +12.7%;
  • Total costs:
    • Jet Airways: USD730.6 million, +15.8%;
      • Fuel: USD241.2 million, +23.5%;
      • Labour: USD73.7 million, +15.6%;
    • JetLite: USD101.4 million, +7.7%;
      • Fuel: USD43.3 million, +21.9%;
      • Labour: USD9.2 million, +11.5%;
  • EBITDAR: USD210.9 million, +19.4%;
    • Jet Airways: USD187.2 million, +17.4%;
    • JetLite: USD23.7 million, +37.2%;
  • Profit before tax: USD53.5 million, +121.8%;
    • Jet Airways: USD47.9 million, +105.8%;
    • JetLite: USD5.6 million, +549.7%;
  • Passenger numbers:
    • Jet Airways: 3.9 million, +15.3%;
    • JetLite: 1.1 million, +14.0%;
  • Passenger load factor:
    • Jet Airways: 79.3%, -0.7 ppt;
    • JetLite: 82.6%, +3.8 ppts;
  • Yield:
    • Jet Airways: USD 8.62 cents, +7.4%;
    • JetLite: USD 8.71 cents, +4.9%;
  • Cost per ASK:
    • Jet Airways: USD 6.38 cents, +2.1%;
    • JetLite: USD 6.79 cents, +1.7%;
  • Cost per ASK excl fuel:
    • Jet Airways: USD 3.65 cents, +3.0%;
    • JetLite: USD 3.67 cents, +6.9%;
  • Breakeven seat factor:
    • Jet Airways: 74.0%, +3.8 ppts;
    • JetLite: 78.0%, +2.4 ppts. [more]

* Based on the conversion rate USD1 = INR45.475

Jet Airways: “The robust growth in the Indian domestic market is on the back of healthy GDP growth and continued business confidence. Airlines have achieved high levels of seat factors as well as yield growth. The industry traffic grew by 19.0% in 3QFY2011 as compared to 3QFY2010. 4QFY2011 passenger bookings show encouraging trends, however it will reflect seasonality. Out international operations which continue to achieve seat factor of over 80% for more than a year now is experiencing a healthy operating margin which augurs well for the future. The routes which we started in the last few quarters are fast maturing and with the help of strong hub network, they will get to profitability much sooner than our earlier routes,” Company statement. Source: Jet Airways, 02-Feb-2011.