Jet Airways stock dips more than 4% on weak September quarter earnings

Jet Airways' total sales also declined to Rs 5,758.18 crore in the quarter under review, from Rs 5,772.79 crore in the previous fiscal

PTI December 08, 2017 12:06:22 IST
Jet Airways stock dips more than 4% on weak September quarter earnings

New Delhi: Shares of Jet Airways on Friday slumped more than 4 percent in morning trade after the private carrier reported a 91 percent plunge in standalone net profit for the September quarter.

Shares of the company opened on a weak note on the BSE at Rs 668.90, then lost further ground to touch a low of Rs 665, down 4.55 percent over its previous close.

Jet Airways stock dips more than 4 on weak September quarter earnings

File image of a Jet Airways aircraft. PTI

Similar movement was seen on the NSE as well, where the stock opened at Rs 669.40, and then declined to Rs 664.65, down 4.61 percent.

The Naresh Goyal-owned airline posted a 91 percent fall in standalone net profit at Rs 49.63 crore for the three months to September on account of a deep decline in other income. It had posted a net profit of Rs 549.02 crore in the same period last fiscal.

Total sales also declined to Rs 5,758.18 crore in the quarter under review, from Rs 5,772.79 crore in the previous fiscal, Jet Airways said in a regulatory filing on Thursday.

Other income, which is generally the non-aeronautical revenue, came down by 59 percent to Rs 131.57 crore in the reporting quarter, from Rs 319.58 crore in the year-ago period, according to the filing.

"The weak demand in the Gulf continues while low fares as well as yields in the domestic market have limited the ability to offset the increase in fuel prices," Jet Airways Chief Executive Officer Vinay Dube was quoted as saying in a release.

Updated Date:

also read

LIC sees muted debut in stock market, lists at over 8% discount
Business

LIC sees muted debut in stock market, lists at over 8% discount

LIC shares listed at a discount even as the benchmark BSE Sensex opened with gains later soared over 2 per cent

Jet Airways conducts first set of three proving flights, next set on Tuesday
India

Jet Airways conducts first set of three proving flights, next set on Tuesday

A total of five landings have to be done by the aircraft to successfully complete its proving flights, sources said

Jet Airways' proving flights scheduled to take place on 15 and 17 May
India

Jet Airways' proving flights scheduled to take place on 15 and 17 May

Proving flights are similar to commercial flights but with officials of the Directorate General of Civil Aviation, executives and flight crew of the carrier concerned on board