Jet Airways Reported First Profit Report Since 2007

New Delhi: India’s second largest airline, according to the capacity of carrying passengers, reported their first ever annual profit on Thursday since 2007. The privately owned airways company also, with the annual report, has scheduled their turnaround plan according to that of 2014.

Reports are that lower fuel costs and higher airplane use had helped Jet Airways to swing into a quality profit in the year ending on March 31. However, the airways company, partly owned by Abu Dhabi's Etihad Airways, has ‘warned that growing domestic competition was putting pressure on yields for them.’

The annual profit report of Jet recorded 12.12 billion rupees of profit compared to a loss of 20.97 billion rupees in the previous years. Last year, Jet faced a profit of 4.26 billion rupees for its fourth quarter, compared with a loss of 18.03 billion rupees at the previous third quarter in the same year. However, Jet Airways has not disclosed their latest debt level but have noted that it had lowered the count by 16.8 billion rupees.

Following the release of the annual profit report, Chairman Naresh Goyal said in the statement: The airline would continue to focus on strengthening its balance sheet to sustain growth.  Although competitive and structural challenges will remain.”