The airline, which recently completed a 24 percent stake sale to Abu Dhabi-based Etihad Airways, had registered a net profit of Rs 85 crore in the year-ago period. (Agencies)
Total income from oper0ations climbed to Rs 4,535.87 crore in the third quarter of the current financial year from Rs 4,205.77 crore in the same period a year ago, according to standalone figures in the company's filing to the BSE.
Jet Airways had reported a net loss of Rs 891.01 crore in the three months ended September 2013.
In the latest quarter, total expenses jumped to Rs 4,762.08 crore from Rs 3,870.16 crore a year earlier.
"Rupee depreciation, high fuel prices and increase in airport charges continued to impact costs in the current quarter," the carrier said in a separate statement. Fuel rates rose 10.6 percent in the quarter from a year ago, it said.
The loss narrowed from the September quarter on "improved passenger yields and sustained market share," Chief Financial Officer Ravishankar Gopalakrishnan said in the statement.
The number of passengers grew 4 percent in the quarter, while operating revenue rose 6 percent to Rs 4,990.1 crore.
The airline said the fourth quarter is expected to be muted on account of both yields and seat factors, which is a measure of occupancy.
Jet Airways stressed that the rupee's depreciation against the dollar continues to be a cause of concern.
It plans to replace high-cost debt with cheaper borrowings to reduce interest costs.
Following the stake purchase by Etihad, Jet's debt came down to Rs 10,895.2 crore in the December quarter from Rs 12,494.7 crore in the three months ended September. This would help lower interest costs, according to the statement.
Etihad invested Rs 2,057 crore for a 24 percent stake in Jet Airways in November.
Surplus aircraft will be either leased out or sold in the coming quarter. The company sold two A330 aircraft in the December quarter.
The airline is looking at expanding flights to the Gulf and Europe.
Jet Airways' international operations achieved an 81.6 percent seat factor as against 78 percent in the year-ago period.
The airline, which recently completed a 24 percent stake sale to Abu Dhabi-based Etihad Airways, had registered a net profit of Rs 85 crore in the year-ago period.