Full service carrier Jet Airways' second quarter net profit increased 23.4 per cent to ₹108.11 crore on the back of rising other income, despite drop in operating performance.
Revenue for the quarter increased by 3.1 per cent year-on-year to ₹5,420.35 crore with 5 per cent increase in domestic segment and 2 per cent increase in international segment over the same period last year.
The airline's other income, however, rose 76 per cent to ₹327.12 crore, propping up net profit.
EBITDA declined by 12.6 per cent to ₹310.2 crore, while EBITDA margins dipped 103 bps to 5.7 per cent from a year earlier.
Decline was on account of 37 per cent increase in employee expenses to ₹813.35 crore, the company said. James Hogan, Vice-Chairman, Jet Airways and President and Chief Executive Officer, Etihad Aviation Group, said, “Our continued collaboration has supported ongoing improvement in Jet Airways performance, despite the ongoing pressure on yields.
Growth in passenger numbers and aircraft utilisation contributed significantly to our performance during the second quarter, together with maintaining a broadly flat non-fuel cost, despite inflation.”
The quarter also witnessed a growth of 15 per cent in overall codeshare traffic, including a growth of 32 per cent between Etihad Airways and its partner airlines. Jet Airways, together with Etihad Airways now offer more flights to and from India, than any other airline.