Jet Airways back in the black in 3QFY2013, 4QFY2013 bookings 'encouraging'

Jet Airways revenue up 7% - financial highlights for three months ended 31-Dec-2012:

• Total revenue: INR42,512 million (USD785.6 million), +6.6% year-on-year;
• Total costs: INR41,185 million (USD761.1 million), -7.5%;
  • Fuel: INR16,885 million (USD312 million), -3.7%;
  • Labour: INR3678 million (USD68.0 million), -12.8%;
• Profit before tax: INR918 million (USD17.0 million), compared to a loss of INR1012 million (USD18.7 million) in p-c-p;
• Profit after tax: INR850 million (USD15.7 million), compared to a loss of INR1012 million (USD18.7 million) in p-c-p;
• Passenger numbers: 4.1 million, -10.7%;
• Passenger load factor: 76.1%, -1.7 ppt;
• Breakeven seat factor: 73.2%, -16.1 ppts;
• Breakeven seat factor excl fuel: 35.5%, -10.5ppts;
• Yield: INR4.94 (USD 9.13 cents), +21.6%;
• Revenue per ASK: INR3.76 (USD 6.95 cents), +19.0%;
• Cost per ASK: INR3.61 (USD 6.67 cents), -0.4%;
• Cost per ASK excl fuel: INR1.75 (USD 3.23 cents), -6.3%;
• Total assets: INR204,621 million (USD3781 million), -2.7% when compared to period ended 31-Mar-2012;
• Total liabilities: INR193,586 million (USD3578 million), -1.7% when compared to period ended 31-Mar-2012. [more - original PR]

*Based on the average conversion rate at USD1 = INR54.1126

Jet Airways: "The capacity induction in the market has slowed down over the last few months, thereby helping the airlines to maintain higher yields. This along with the weak economic scenario has affected the traffic growth in the industry year-on-year. However, higher yields will help the industry to improve breakevens in short to medium term. Q4 passenger bookings show encouraging trends, however it will reflect some seasonality. Out international operations continue to achieve seat load factor of around 80%. Sale and lease back transactions and debt reduction programme continues to be on track." Source: Company statement, 01-Feb-2013.