Private air carrier Jet Airways' shares on Monday gained over Rs 48 on the Bombay Stock Exchange after returning to profit in its December quarter results.

The shares of the company were trading at Rs 771.30, up 6.58 per cent on the BSE at mid-day.

After two previous loss-making quarters, Jet Airways posted a net profit of Rs 40 crore in the third-quarter ended December 31, on the back of lower fuel costs and growing overseas operations.

The company had reported losses of Rs 55.13 crore and Rs 44.98 crore in the first and second quarter of this fiscal, respectively.

However, the company's shares have lost nearly 34 per cent in the past year as the 52-week high touched by the scrip was Rs 1,178.90 on January 20, 2006 on the BSE.

A total of 3.22 lakh shares of the company had changed hands on the BSE in the morning trade.