Jet Airways 2QFY2009 revenue down 25.5%, losses widen

Jet Airways revenue down 25.5% - consolidated financial highlights:

Three months ended 30-Sep-2009:

• Revenue: USD496.5 million, -25.5% year-on-year;
• Costs: USD537.5 million, -31.6%;
  • Fuel: USD166.6 million,
  • Labour: USD64.5 million,
• Operating profit (loss): (USD40.9 million), compared to a loss of USD119.7 million in the previous corresponding period;
• Profit (loss) before tax: (USD86.9 million), compared to a loss of USD123.5 million in the previous corresponding period;
• Net profit (loss): (USD86.9 million), compared to a loss of USD82.1 million in the previous corresponding period;
• Passenger numbers: 2.8 million, -1.2%;
• Seat factor: 77.0%, +3.7 ppts;

Six months ended 30-Sep-2009:

• Revenue: USD1,003 million, -21.6%;
• Costs: USD1,058 million, -30.6%;
  • Fuel: USD302.7 million,
  • Labour: USD134.6 million,
• Operating profit (loss): (USD54.7 million), compared to a loss of USD246.0 million in the previous corresponding period;
• Profit (loss) before tax: (USD135.0 million), compared to a loss of USD76.8 million in the previous corresponding period;
• Net profit (loss): (USD135.0 million), compared to a loss of USD51.5 million in the previous corresponding period. [more]
• *Based on the conversion rate at USD1 = INR46.825

Jet Airways: "Domestic air traffic appears to have started reviving in the last few months based on recent traffic data. This, along with the peak season impact in quarter 3, will help airlines to improve yields, which otherwise had been severely impacted due to the recession and lean season impact in Quarter 2. Over the last few weeks, airlines have started raising fares and these increases have not shown any negative impact on traffic. On the International routes, we were able to achieve seat factor of close to 80% and are close to breakeven despite difficult market conditions. We do expect yield improvements with the peak season as well as premium demand revival in the next few quarters whilst our focus will continue to be on maximizing revenues through higher seat factor levels," Company statement. Source: Jet Airways, 27-Oct-2009.