Jet Airways (India) rose 1.97% to Rs 233 at 9:16 IST on BSE after the company reported a net loss of Rs 267.89 crore in Q3 December 2013, lower than net loss of Rs 891.01 crore in Q2 September 2013.
The Q3 result was announced after market hours on Friday, 7 February 2014.
Meanwhile, the S&P BSE Sensex was up 7.19 points or 0.04% at 20,383.75.
On BSE, so far 43,000 shares were traded in the counter as against average daily volume of 4.60 lakh shares in the past one quarter.
The stock hit a high of Rs 233.15 and a low of Rs 226.75 so far during the day. The stock had hit a 52-week high of Rs 688.60 on 25 April 2013. The stock had hit a 52-week low of Rs 210.25 on 5 February 2014.
The stock had underperformed the market over the past one month till 7 February 2014, sliding 22.15% compared with the Sensex's 1.53% fall. The scrip had also underperformed the market in past one quarter, declining 32.93% as against Sensex's 2.14% fall.
The small-cap company has equity capital of Rs 113.60 crore. Face value per share is Rs 10.
Jet Airways (India)'s net sales rose 11.64% to Rs 4229.41 crore in Q3 December 2013 over Q2 September 2013.
Jet Airways (India) reported a net loss of Rs 267.89 crore in Q3 December 2013 as against net profit of Rs 85 crore in Q3 December 2012. Net sales rose 7.3% to Rs 4229.41 crore in Q3 December 2013 over Q3 December 2012.
Jet Airways (India) said that rupee depreciation, high fuel prices and increase in airport charges continued to impact costs in Q3 December 2013.
Instances of aircraft on ground impacted the quarter by Rs 105.70 crore, Jet Airways (India) said in a statement. During the quarter two A330's were sold and the balance access capacity is expected to be sold/leased out in coming quarter, the company said.
Jet Airways said that fuel costs went up by approximately 10.6% in Q3 December 2013 over Q3 December 2012.
Etihad invested Rs 2057 crore in November 2013 for a 24% stake in Jet Airways.
Mr. Ravishankar Gopalakrishnan, CFO, Jet Airways (India) said, "Jet Airways reports a reduced loss of Rs 283.90 crore in Q3 owing to improved passenger yields and sustained market share. Post equity infusion by Etihad, Jet reduces its debt from Rs 12494.70 crore as of 30 September 2013 to Rs 10895.20 crore in December 2013. This will help lower Jet's interest costs going forward".
With regard to future business outlook, Jet Airways said that Q4 March 2014 is expected to be muted on account of both yields and seat factors. Rupee depreciation versus dollar continues to be a cause of concern, it added. High cost debt will be replaced with cheaper debt resulting in reduced interest costs, Jet Airways said. The surplus aircraft in the system will be either leased out or sold in coming quarter, it said. Focus on various avenues of Ancillary revenues should help to boost revenues in the quarters to come, the company said. Synergies in terms of network and costs will start to impact numbers positively in the next few quarters, Jet Airways said in a statement.
Jet Airways (India)'s board of directors have decided to seek the assent of the shareholder by way of postal ballot for the following resolutions that pursuant to the provisions of Section 192A (2) of the Companies Act, 1956, read with The Companies (Passing of the Resolution by Postal Ballot) Rules, 2011.
The board mulls transfer/sell/otherwise dispose of the Jet Privilege Frequent Flyer Programme (JPFFP) of the company to its subsidiary, Jet Privilege (JPPL) as a going concern on a slump sale basis under Section 180(1)(a) and other applicable provisions of the Companies Act, 2013. Authority for making investments in JPPL notwithstanding the limits prescribed under Section 372A of the Companies Act, 1956.
Jet Airways currently operates a fleet of 112 aircraft. With an average fleet age of 5.17 years, the airline has one of the youngest fleet of aircraft in the world. The company operates flights to 75 destinations.
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