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Jet Airways shares soar 7% on robust earnings

PTI 10 Nov 2014, 14:36:10 PM IST
PTI

Mumbai: Shares of Jet Airways surged nearly seven per cent today after the company slashed losses to the tune of 95.7 per cent to Rs. 43 crore in the three months to September.

Following this, the company's scrip jumped 6.86 per cent to Rs. 268.70 on the BSE.

On the NSE, it surged 6.75 per cent to Rs. 268.70.

A one-time income of Rs. 305 crore from the sale of its loyalty programme to equity partner Etihad helped Jet Airways slash losses to the tune of 95.7 per cent to Rs. 43 crore in the three months to September.

The airline had reported a whopping Rs. 999 crore net loss in the same period a year ago.

For the first time since 2012, the Naresh Goyal-promoted airline, however, on a standalone basis flew back into black with a net profit of Rs. 69.82 crore, helped by the one-time income, the airline had said in a release on Friday.

In the same period a year-ago, the company reported a net loss of Rs. 891 crore.

The airline, however, said the better set of numbers is on account of operational restructuring, higher yield and expansion of code-share agreements with other carriers.

The airline also said its board has approved a proposal to raise up to $300 million in term-debt by issuing redeemable preference shares, non-convertible bonds or loan from its foreign shareholder Etihad, which had already extended a $150-million soft loan to the carrier when it sold 24 per cent stake to it.