Jet Airways plunges 4% after sharp fall in Q2 net

NEW DELHI: Shares of Jet Airways fell over 4 per cent on Friday after the second biggest airline by domestic market share reported a sharp 91 per cent YoY plunge in September quarter net profit.

The airline posted a net profit of Rs 46.01 crore for the second quarter against Rs 517 crore in the corresponding quarter of last year.

Following the announcement, the stock fell 4.47 per cent to end the session at Rs 665.60 on BSE.

The firm did not make any gains on sale and leaseback of planes and failed to keep a check on some cost heads, ET reported.

For the quarter, sales was up 3 per cent YoY at Rs 5,626.61 crore. Other income plunged 59 per cent to Rs 131.57 crore.

In a later note, the airline said it had made a profit of Rs 190.22 crore last year on the sale and leaseback of planes. It made no such profit this year. The company, meanwhile, announced the appointment of Kevin Knight on its board, the second nominee from Etihad Airways, thus bolstering the presence of the Abu Dhabi based strategic partner that owns about 25 per cent in Jet.