Mumbai, May 27 (IBNS) Jet Airways group, which reported its financial results for the quarter and year ending on Mar 31, 2016 on Thursday, declared record annual profit of Rs 1,212 crores for FY16 and said it managed to reduce debt by Rs 1,680 crores mainly through cash generated from operations (after financing expenses).
In FY2015, the company had reported loss of Rs 2,097 crores.
Total revenue in FY16 was up by Rs 1,241 crores or 5.9 per cent to Rs 22,207 crores against INR 20,966 crores in FY15, primarily from passenger revenues, the company said.
EBITDA in FY16 improved to Rs 3,083 crores compared to Rs 781 crores in FY15, primarily due to higher utilization of aircraft, drop in ATF prices, cost reduction initiatives and synergies achieved with Etihad Airways.
For Q4 of FY16, the company reported a net profit of Rs 426 crores, compared to a loss of INR 1,803 crores for the same period last year. It marks the company's fourth straight quarter of profitability.
Naresh Goyal, Chairman, Jet Airways, said: "Jet Airways has been revitalised as a business in the last two years. Our focused efforts have resulted in significant improvement in operational performance leading to record profitability. Customer satisfaction, network enhancement and driving benefits through further improvements in operational efficiency continue to be our key priorities. The Indian aviation industry is witnessing a growth phase and Jet Airways' commitment to connect India to the world and vice versa is our contribution to India’s economic growth story."
James Hogan, Vice Chairman, Jet Airways and President and Chief Executive Officer, Etihad Aviation Group, said: "We are very satisfied with the strong operational and financial performance achieved by Jet Airways. The return to profitability is a result of the effective partnership between Jet Airways and Etihad Airways. Between the two airlines, we have been able to provide a compelling option of wider combined network and exceptional guest experience for travellers to and from India."
The company said that its overall codeshare traffic for the fourth quarter of FY16 grew 21 % to 570,000 passengers. A wider network of codeshares now enables it to offer significantly enhanced global connectivity and has helped deliver the increase in passenger traffic. Codeshare traffic with strategic alliance partner Etihad Airways over its Abu Dhabi hub and with its partner airlines grew 45% in Q4 of FY16.
In FY16, Jet Airways shifted its European gateway from Brussels to Amsterdam, resulting in significantly enhanced connectivity for its guests to 30 destinations in Europe and 11 in North America along with codeshare partners KLM and Delta, the company reported.
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