Jet Airways FY07 net plunges 94% to Rs 28cr

Jet Airways India has posted a 94% slump in net profit at Rs 27.94 crore for the year ended March 31, 2007 (FY07) when compared with Rs 452.04 crore in FY06.

Total income increased to Rs 7,401.31 crore in FY07 from Rs 6,087.57 crore in FY06.

For the quarter ended March 31, 2007 (Q4FY07), the company has posted a net profit of Rs 88.01 crore when compared with Rs 227.12 crore in Q4FY06. Total income increased to Rs 1,989.03 crore from Rs 1,950.19 crore in the corresponding quarter a year ago.

Domestic operations accounted for 76% revenue (Rs 1,509 crore) in Q4FY07 as against 87% (Rs 1,393 crore) in the fourth quarter last year reflecting the growing scale and contribution of international operations for the airline.

According to an official release issued today, "full-fare versus discounted-fare mix remained stable at approximately 30:70 and yields have increased by 5% YoY."

A slowdown in capacity induction in the domestic market during the fourth quarter helped operations, the release said. For the quarter ended March 2007, capacity grew 36.7% over the same period last fiscal, and the rate of growth is much lower than what the industry has been seeing over the last few quarters. The capacity growth for the industry was 48.0%, 40.8%, and 44.4% in Q1, Q2 and Q3 of FY 2007, respectively.

Total employees increased from 8,727 to 10,590 in FY07 on account of the expansion in operations with pilots, engineers and cabin crew constituting bulk of the increase in staff strength.

"FY2008, especially Q1 and Q2, will remain challenging because of a very rapid and huge fleet expansion especially on the international operations. In this year, we plan to start our operations to North America/Canada/Africa and Gulf routes," the release added.