Jet Airways group declares record annual profit of USD 185 mn for Fy16; reduces debt by USD 256 Mn

Published on : Friday, May 27, 2016

9Net profit of USD 185 million in FY16 compared to loss of USD 342 million in FY15 EBITDAR of USD 818 million in FY16 as against USD 482 million in FY15 Registers growth in capacity, aircraft utilisation and passengers carried Cash generated from operations  primarily used to reduce debt by USD 256 million Fourth consecutive profitable quarter in Q4 FY16 Jet Airways Group FY16 highlights:

 

Total revenue up by 5.9 % to USD 3,383 million in FY16 primarily from passenger revenues o EBITDA in FY16 was USD 470 million compared to USD 128 million in FY15, primarily due to higher utilization of aircraft, drop in ATF prices, cost reduction initiatives and synergies achieved with Etihad Airways o Available Seat Kilometers increased by 11.9% in FY16 Passengers carried increased by 14.8% to 25.8 million in FY16 from 22.5 million in FY15 Aircraft utilisation for Boeing 737 fleet continues to increase and reached 13.01 hours in FY16, one of the highest in the industry Codeshare traffic surged by 31% from 1.6 million passengers carried in FY15 to 2.1 million passengers in FY16 Passengers and revenues delivered by Etihad Airways and Etihad Airways Partners rose by 86% and 72% respectively in FY16 Jet Airways Group today declared a highest ever annual profit in its history for the year ended March 31, 2016, and thereby achieved return to profitability a year earlier than the target set in its turnaround plan two years ago.

 

 

The consistently strong financial performance has enabled Jet Airways to reduce its debt by USD 256 million during FY16. Cost per available seat kilometer  excluding fuel dropped by 3.2% to 4.96 cents in FY16, clearly indicating Jet Airways’ success in achieving operational efficiencies throughout its business.

 

For Q4 of FY16, the company reported a net profit of USD 63 million, compared to a loss of USD 291 million for the same period last year. It marks the company’s fourth straight quarter of profitability. Naresh Goyal, Chairman, Jet Airways, said: “Jet Airways has been revitalized as a business in the last two years. Our focused efforts have resulted in significant improvement in operational performance leading to record profitability.

 

Source:-Jet Airways

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