Jet Airways announces its Q1 results. Net loss at Rs 123 cr

Jet Airways has announced its June 30, quarter ended 2011-12 results. The net loss of the private airline stood at Rs 123.16 crore in Q1, 2011-12 ,compared to a net profit of 3.52 crore in the year ago quarter.

The company's net revenue increased by 19.45 % to Rs 3,451.60 crore in Q1, 2011-12, as compared to Rs 2,965.01 crore in the same quarter last year. The company's domestic and international segments posted a year on year revenue growth of 16.54% and 21.69%, respectively in the reported quarter.

The company's EBITDAR margin stood at 9.3% in Q1,2011-12 ,compared to 20.4% in Q1,2010-11. The company suffered a loss on operations of Rs 102.09 crore, against an operating profit of Rs 175.91 crore in the year ago quarter. This was mainly on account of rise in costs, which rose by 30.64% year on year in Q1, 2011-12, with aircraft fuel expenses surging by 57% year on year in the reporting period.

The company was able to cut down on its interest costs by 22% year on year in Q1, 2011-12. The company received Rs 118.66 crore from lessors towards maintenance during the quarter. However, despite that it suffered a loss before tax from ordinary activities of Rs 156.77 crore in Q1, 2011-12, as compared to Rs 354 crore profit in the year ago period.

During 2010-11, the company posted a net profit only on the back of Rs 5,393 added due to excess depreciation reversal due to change in method. The loss per share was Rs 14.27 in Q1, 2011-12, as compared to Rs 0.41 gain in the year ago quarter.

Jet Airways posted a 14% increase in its available seat kilometers to 9,319 million. There was a 14.6% increase in revenue passengers carried to 4.07 million in the June 30, 2011-12 ended quarter.

The company said that high aviation turbine fuel prices will keep its margins under pressure and that it is aiming to control its costs. The Company is also looking for options to raise finances to boosts its cash flows.

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