Jet Airways standalone net profit plunges

MUMBAI: Jet Airways Friday announced its standalone quarterly profit declined by more than a third as weak yields and rising fuel costs, offset a profit from sale and leaseback of planes and lower maintenance costs.

India's second biggest airline by market share posted a net profit of Rs 142.38 crore compared to Rs 467.11 crore a year earlier. Sales rose by just above 1% to Rs 5,092.50 crore. Fuel costs rose 16% to Rs 1,428.89 crore.

Jet's operating performance was worse. Its profit at an operating level plummetted almost by a seventh to Rs 72.75 crore. The airline's net profit was propped up by a 51% rise in its other income, which included profit from sale and leaseback of planes, to Rs 290.40 crore.