Jet Airways zooms 7% on better-than-expected results
July 30th, 2008
Shares of Jet Airways zoomed 6.8 per cent after India’s top private carrier posted an unexpected net profit of Rs 143 crore in the June quarter, beating market expectations of a net loss of Rs 377 crore.
The relentless rise in jet fuel prices since April had badly hit all airlines with the losses as high as Rs 10 crore daily for major players and the April-June quarter was expected to see huge losses.
However, enhanced revenues from its international operations and a change in accounting policy on depreciation helped the private air-carrier post a good set of numbers in the period, analysts said.