Jet Airways revenue up 12%, EBITDAR jumps 23.5% in 4QFY2010

Jet Airways revenue up 12% - financial/traffic highlights:

• Three months ended 31-Mar-2010:
  • Total revenue: USD614.7 million*, +12.1% year-on-year;
    • JetLite: USD99.9 million, +40.0%;
  • Total costs: USD610.9 million, -8.2%;
    • • Fuel: USD180.8 million, -42.5%;
      • Labour: USD65.5 million, +8.0%;
    • JetLite: USD86.1 million, stable;
  • EBITDAR: USD135.7 million, +23.5%;
  • Profit before tax: USD12.5 million, -58.0%;
    • JetLite: USD37.7 million, compared with a loss of USD14.7 million in the previous corresponding period;
  • Profit after tax: USD12.5 million, +10.6%;
  • Passenger numbers: 3.2 million, +27.7%;
    • JetLite: 890,000, +13.1%;
  • Passenger load factor: 78.6%, +6.9 ppts;
    • JetLite: 75.9%, +6.8 ppts;
  • Breakeven seat factor: 77.8%, +2.0 ppts;
    • JetLite: 62.9%, -21.7 ppts;
  • Brakeven seat factor excl fuel: 47.9%, +10.0 ppts;
  • Yield: USD 7.80 cents, -6.4%;
    • JetLite: USD 8.55 cents, +16%;
  • Cost per ASK: USD 6.07 cents, +8.8%;
    • JetLite: USD 5.34 cents, -13.8%;
  • Cost per ASK excl fuel: USD3.74 cents, +22.6%;
    • JetLite: USD 2.78 cents, -34%;
• 12 months ended 31-Mar-2010:
  • Total revenue: USD2,269 million, -9.9%;
    • JetLite: 346.0 million, -2.8%;
  • Total costs: USD2,384 million, +16.8%;
    • • Fuel: USD673.3 million, +35.9%;
      • Labour: USD262.0 million, +13.0%;
    • JetLite: USD357.9 million, +25%;
  • EBITDAR: 424.2 million, +388.9%;
  • Profit (loss) before tax: (USD99.8 million), compared to a loss of USD100.3 million in the previous corresponding period;
    • JetLite: USD12.0 million, compared to a loss of USD121.0 million in the previous corresponding period;
  • Profit (loss) after tax: (USD99.8 million), compared to a loss of USD85.9 million in the previous corresponding period;
  • Passenger numbers: 12.0 million, +8.7%;
    • JetLite: 3.6 million, +6.1%;
  • Load factor: 77.4%, +9.7 ppts;
    • JetLite: 75.0%, +7.4 ppts;
  • Break even seat factor: 82.9%, -3.0 ppts;
    • JetLite: 78.0%, -15.3 ppts;
  • Breakeven seat factor excl fuel: 52.4%, -7.8 ppts;
    • JetLite: 44.9%, -5.6 ppts;
  • Passenger yield: USD 7.56 cents, -19.6%;
    • JetLite: USD 7.69 cents, -8%;
  • Cost per ASK: USD 6.26 cents, +16.6%;
    • JetLite: USD 5.98 cents: -23.0%;
  • Cost per ASK excl fuel: USD 3.95 cents, +5.6%;
    • JetLite: USD 3.42 cents, -18%. [more][more - Perspective]

*Based on the conversion rate at USD1 = INR46.81

Jet Airways: "We are seeing healthy seat factors for April and May 2010. The trends for next few months look healthy and the capacity situation has been under control for the last few months. Jet Airways Konnect has seen significant traction and has helped us regain & hold our top spot in the industry by a healthy margin. It has also resulted in higher revenues and load factors overall. We are seeing a premium demand revival and this is expected to continue over the next few quarters. On the international routes, we were able to achieve seat factor of over 80% for the last few months and are seeing consistent growth in operating margins," Company statement. Source: Jet Airways, 20-May-2010.