Jet Airways (India) gained 3.74% to Rs 260.85 at 11:13 IST on BSE after the company reported a net profit of Rs 70 crore in Q2 September 2014 compared with net loss of Rs 891 crore in Q2 September 2013.
The Q2 result was announced after market hours on Friday, 7 November 2014.
Meanwhile, the S&P BSE Sensex was down 21.57 points or 0.08% at 27,847.06.
On BSE, so far 3.27 lakh shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past one quarter.
The stock hit a high of Rs 267.15 and a low of Rs 258 so far during the day. The stock had hit a 52-week high of Rs 354.40 on 13 November 2013. The stock had hit a 52-week low of Rs 203.50 on 26 September 2014.
The stock had outperformed the market over the past one month till 7 November 2014, advancing 18.83% compared with the Sensex's 6.08% rise. The scrip had, however, underperformed the market in past one quarter, slipping 0.28% as against Sensex's 8.91% rise.
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The mid-cap airline company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.
The company's revenue rose 16% to Rs 4772 crore in Q2 September 2014 over Q2 September 2013.
Jet Airways Group reported a strong improved performance for Q2 September 2014, as its three-year turnaround strategy and the partnership with new minority shareholder Etihad Airways started to impact the business positively. Jet Airways group reported a consolidated net loss of Rs 43 crore in Q2 September 2014 compared with net loss of Rs 999 crore in Q2 September 2013. Total revenue (combined) rose 13.7% to Rs 5092 crore in Q2 September 2014 over Q2 September 2013. Passenger revenues rose 13.9% to Rs 4277 crore in Q2 September 2014 over Q2 September 2013. The performance of the airline's cargo division is also proof of the turnaround at Jet Airways. As of Q2 September 2014, Jet Airways is now Etihad's largest cargo interline partner. Cargo revenue rose 10.5% to Rs 379 crore in Q2 September 2014 over Q2 September 2013. The combined load factor increased by 1.2 percentage points from 77.4 in Q2 September 2013 to 78.6 in Q2 September 2014, as the airline gained new customers. Yield was up by a strong 6.4%, as the business plan to reshape the airline, and the benefits of the partnership with Etihad Airways, took hold, Jet Airways (India) said in a statement.
Overall RASK (revenue per available seat kilometer) increased by 7.8% to Rs 4.61 in Q2 September 2014 over Q2 September 2013. While domestic RASK rose by 18.6% to Rs 5.14 in Q2 September 2014 over Q2 September 2013, international RASK increased by 2.2% to 4.32 in Q2 September 2014 over Q2 September 2013, reflecting a strengthening of the international operations of the airline.
Cramer Ball, CEO of Jet Airways said, "I am extremely pleased by the progress that is evident across several areas during the quarter, This is in keeping with our three year turnaround plan."The operational restructuring initiatives with route and network rationalisation are already yielding dividends on the domestic and international network. The organic network expansion, coupled with enhanced global connectivity through alliances and codeshares, has also helped increase international passenger traffic. All of which makes me confident that our move to a single brand by December, will help provide our guests with exceptional value and a significantly enhanced and consistent product offering."
"In our commitment to improve our customer's experience, the JetPrivilege Programme has been enhanced by the introduction of a new mileage accrual and reward structure, as well as new strategic partnership that will add value and strengthen the travel experience for our Jet Privilege members," he added.
Jet Airways (India) said that the board of directors of the company at its meeting held on 7 November 2014 have approved the raising of long term finance in the form of redeemable preference shares and / or non-convertible debentures and/or loan from shareholder upto a maximum of $300 million subject to receipt of all regulatory, corporate and such other approvals as may be required.
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