The nation's largest private carrier, Jet Airways, on Thursday posted a jump of 10.5 per cent in net profit to Rs 58.58 crore (Rs 586 million) for the fourth quarter ended March 2010, against Rs 52.99 crore (Rs 530 million) in the year-ago period.
The total income of the airline also rose to Rs 2,877.17 crore (Rs 28.17 billion) in the January-March quarter of FY'10, from Rs 2,566.21 crore (Rs 25.66 billion) in the corresponding period a year earlier, Jet Airways said in a filing to the Bombay Stock Exchange.
However, for the full financial year ended March 31, Jet Airways posted a net loss of Rs 467.64 crore (Rs 4.68 billion), while the same was at Rs 402.34 crore (Rs 4.02 billion) during the previous fiscal.
Total income of the firm dropped to Rs 10,622.92 crore (Rs 106.23 billion) in FY'10 from Rs 11,786.88 crore (Rs 117.87 billion) in the 2008-09 fiscal.
The airline industry has been adversely affected in the recent past by the general economic slowdown. This, coupled with weak domestic currency and high fuel cost, had affected the performance and revenue of the company and its subsidiary, resulting in substantial erosion in the net worth.
Jet Airways is exploring ways to raise funds for meeting its various short-term and long-term obligations, including financial support to its subsidiary, Jet Lite India.
