24-Oct-2013 10:18 AM

Jet Airways report worse quarterly loss in 2QFY2014, forward booking encouraging

Jet Airways revenue up 2% – financial highlights for three months ended 30-Sep-2013:

  • Total revenue: INR42,678 million (USD686.5 million), +1.8% year-on-year;
    • Operating revenue: INR41,947 million (USD674.7 million), +1.4%;
  • Total costs: INR51,007 million (USD820.5 million), +18.9%;
    • Fuel: INR18,108 million (USD291.3 million), +7.7%;
    • Labour: INR4373 million (USD70.3 million), +12.6%;
  • Profit (loss) before tax: (INR8910 million) (USD143.3 million), compared to a loss of INR1083 million (USD17.4 million) in p-c-p;
  • Profit (loss) after tax: (INR8910 million) (USD143.3 million), compared to a loss of INR997 million (USD16.0 million) in p-c-p;
  • Passenger numbers: 4.2 million, +14.8%;
  • Passenger load factor: 78.2%, +3.2 ppts;
  • Breakeven seat factor: 98.2%, +20.9 ppts;
  • Yield: INR4.42 (USD 7.1 cents), -6.2%;
  • Revenue per ASK: INR3.46 (USD 5.6 cents), -2.1%;
  • Cost per ASK: INR4.34 (USD 7.0 cents), +19.2%;
  • Cost per ASK excl fuel: INR2.43 (USD 3.9 cents), +35.4%;
  • Total assets: INR201,691 million (USD3244 million);
  • Cash and cash equivalents: INR9036 million (USD145.4 million);
  • Total liabilities: INR219,037 million (USD3523 million). [more - original PR]

*Based on the average conversion rate at USD1 = INR62.1669

Jet Airways: “Q3 will reflect high seasonality, which will help to improve yields. Domestic fare revision which was made at the fag end of Q2 will start showing positive effect in the balance part of the year. The forward booking trends for the quarter are quite encouraging. In this ensuing peak season more of business class seats will be on offer. Rupee depreciation versus dollar and Crude oil prices continues to be a cause of concern. Balance Sheet deleveraging to play out. High costing debt will be repaid through equity infusion and cheaper debt. The surplus aircraft in the system will be either leased out or sold in quarters to come. Focus on various avenues of Ancillary revenues should help to boost revenues in the quarters to come.” Source: Company statement, 23-Oct-2013.

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