Airline major Jet Airways turnaround strategy seems to have yielded rich dividend with the company returning to black with a profit of ₹226.4 crore for the first quarter ended June 2015. The company had reported a loss of ₹ 258 crore in the corresponding period a year back.
The total revenue is up by ₹561 crore, registering an 11 per cent rise to stand at ₹ 5,658 crore in Q1 FY16 from ₹5,097 crore in Q1 FY15.
Naresh Goyal, Chairman, said: “Our performance in the first quarter of this financial year demonstrates once again that the measures we are taking to bring the business back to profitability are having the desired result. All the major key performance indicators have shown progress as we continue to focus on customer satisfaction, network enhancement and improvement through efficiency.”
The company said its passengers carried increased by 21.3 per cent to 6.29 million passengers in Q1 FY16 from 5.19 million in Q1 FY15.
Jet said its codeshare traffic has also surged by 51 per cent with 487,921 passengers carried in Q1 FY16 underpinned by partnership with Etihad Airways and partner airlines.
Jet’s domestic capacity grew by 13.3 per cent and passenger traffic increased by 25.4 per cent, significantly exceeding local industry growth.
Cramer Ball, Jet Airways’ CEO said: “Despite the increasingly competitive domestic landscape driven by aggressive new market entrants, our market share in India went up by 1.1 percentage points to 21.9 per cent. This means that one in every five domestic passengers flew on Jet Airways.”