Jet Airways India Ltd reported a net profit of Rs 31 crore for the first quarter ended June 30, as against a loss of Rs 45 crore in the corresponding quarter last year. According to the company, a $32 million forex gain has contributed to the growth in income.

Improved yields from domestic and international flight operations, and a 12 per cent drop in the unit cost also enabled the airline to improve its bottom line.

Domestic operations accounted for 76 per cent of operating revenues with Rs 1,371 crore as compared to 87 per cent (Rs 1,409 crore) in the first quarter of last year, reflecting the growing scale and contribution of the company’s international operations. The revenues from international operations form close to one fourth of the total operating revenues for the airline with Rs 436 crore as compared to Rs 213 crore.

International operations

“We are looking at a scenario where domestic and international operations will contribute in the ratio of 50:50 to our revenues. The strength of the airline will come from an equally strong domestic and international presence,” said Mr W. Prock Schauer, CEO, Jet Airways.

During the quarter, the airline had taken delivery of five aircraft, which include four wide body aircraft. The company will induct these aircraft on international routes. The next two quarters would also remain challenging on account of rapid and huge fleet expansion especially on the international operations.

Jet will start its operations to the US in August with flight to Newark. It will be followed with flights to Toronto in September and to New York; Africa and Gulf routes will be covered in the next two quarters.

JetLite’s business up

Jet Airways took control of JetLite’s operations in April 2007 (changed name of Air Sahara after Jet acquired it). As compared to the months of March-April 2007, the yields in the business have gone up by around 10 per cent.

For the fiscal year 2007, the revenues of Air Sahara stood at Rs 2,023 crore and the loss was Rs 690 crore for the same period. According to a release, the company is well on course to get all the 24 aircraft of the acquired airline flying by end of October, and expects to be in a break even situation by third quarter of this financial year.

Mr W. Prock Schauer, CEO of Jet Airways, said the first quarter results of JetLite will be declared at a later date.