New Delhi: Jet Airways (India) Ltd on Wednesday posted a 46% decline in standalone net profit at Rs165.25 crore in the December quarter (Q3) as higher expenses crimped the bottom line.
Jet Airways recorded a higher total income of Rs6,349.34 crore in the December quarter, up from Rs5,940.63 crore in the December 2016 quarter.
According to a regulatory filing, Jet Airways’s net profit dropped to Rs165.25 crore in Q3 FY18 from Rs305.20 crore in the year-ago period. In the three months ended 31 December 2017, total expenses jumped to Rs6,184.09 crore compared to Rs5,635.43 crore in the same period a year ago.
Gain on account of foreign currency fluctuations stood at Rs141.51 crore in the December quarter of 2017 compared to a loss of Rs190.25 crore in the year-ago period.
Revenue from operations, including income from leasing of aircraft, stood at Rs8.36 crore in Q3 FY18 compared to Rs127.82 crore in the year-ago period.
“Other non-current assets as at 31st December 2017 includes certain customs duty and Integrated Goods and Service Tax (IGST) paid by the company ‘under protest’ on reimport of repaired aircraft engines aggregating to Rs15,114 lakh. “The company has since filed appeal with the appropriate authorities based on the advice received from experts. Pending adjudication, the company has considered it as recoverable in the statement of assets and liabilities,” it noted.
On Wednesday, Jet Airways shares fell 2.17%, or Rs17.80, to Rs803.45 while the benchmark Sensex shed 0.42%, or 144.52 points, to end the day at 34,155.95 points.