India's Jet Airways Q4, FY net profit drops, board okays rights issue UPDATE |
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Tue, 26 Jun 2007 12:25
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(Adds details, outlook)MUMBAI (Thomson Financial) - India's Jet Airways Ltd said fourth quarter net profit fell sharply on increased fuel and overhead costs.The country's largest private sector airliner said net profit fell 61.2 pct to 880.10 mln rupees, compared with 2.271 bln rupees in the year ago period. The total income for the period increased to 19.89 bln rupees from 19.50 bln rupees in the year-ago quarter.For the full year to March 31, net profit fell to 279.40 mln rupees from 4.52 bln a year ago, while sales rose to 74.01 bln rupees during the year from 60.87 bln rupees.Jet Airways also said its board has approved 400 mln usd rights share issue and recommended a dividend of 6 rupees a share.The company, in a statement, said its revenues from international operations now form one fourth of total operating revenues and posted profits in the fourth quarter. The pretax profit on international operations was 31 mln rupees as against a pretax loss of 443 mln in the same period last year.Jet Airways said it sees improved operating performance over the next few quarters with more rational pricing and signs of consolidation in the sector.The airliner said the outlook for financial year 2007-2008, particularly first and second quarter, remains 'challenging' because of a very rapid and huge fleet expansion, especially on the international segment. The company plans to start operations in North America, Canada, Africa and Gulf routes shortly.The turnaround of recently acquired Sahara Airlines, now called JetLite, also pose a challenge to the company's operational and financial resources, the statement added.TFN.newsdesk@thomson.comssh/aku/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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India's Jet Airways Q4, FY net profit drops, board okays rights issue 