Jet Airways Swings To Profit In June Quarter

Jet Airways made a profit in the June quarter, helped by a drop in fuel costs and a one-time gain on the sale and leaseback of engines.

Mumbai-based Jet, India's second largest carrier by market share, said net profit in the April-June quarter was INR2.21 billion rupees (USD$33.8 million), compared with a loss of INR2.18 billion in the same quarter last year.

Despite rising demand for air travel in India, Jet has not made an annual profit since 2007, dragged into the red by high operating costs and fierce competition.

A drop in fuel prices has, however, eased the squeeze on Indian airlines this year - low-cost rival SpiceJet swung to a small net profit in the last quarter, but analysts say ticket prices are still too low and costs too high for sustained profitability.

Jet, 24 percent owned by Etihad Airways, last year announced a cost-cutting plan and said it expected to make a full-year profit in 2017.