Jet Airways has narrowed its net loss to ₹1,728.99 crore for the quarter ended March 31, from ₹2,153.57 crore in the corresponding quarter last year.
The company’s total standalone income stood at ₹5,064.52 crore for the quarter ended March 31, registering a 10 per cent rise from ₹4,566.17 crore.
In a statement, Naresh Goyal, Chairman of Jet Airways, said: “FY15 was an encouraging year when we set out to change the fundamentals of this business, allowing us to deliver a significant improvement in our net result. This demonstrates unequivocally that the three-year turnaround plan we put in place last year is on track.” The company said the improvement in performance is largely attributable to the implementation of a single brand and full service strategy across the domestic operation. The year also saw the optimisation of the network to ensure better integration between domestic and international operations, an increased focus on premium traffic and improved aircraft utilisation.
Jet said its cargo’s strong growth continued in FY15, particularly on the domestic network which experienced an 11 percentage point increase in load factor.
The airline continues to focus on developing the booming e-commerce sector and enhancing its customer offering with the launch of fast-track, an airport-to-airport express product.
Passengers carried increased by 9.6 per cent to 2.25 crore in FY15 from 2.05 crore in FY14.
Passenger revenue rose by ₹1,698 crore, or 10.6 per cent, to ₹17,703 crore in FY15 against ₹16,005 crore in the previous year.
Kapil Kaul, CEO, Centre for Asia Pacific Aviation, said, “Results in Q4 continue to the highlight structural challenges at Jet. Even though, restructuring is on track and focus is on cost reduction and revenue quality but enormity of loss (even without good will impairment) in Q4 means pace of progress is not significant.”