Jet Airways, India’s largest airline, turned a profit in the 2nd quarter of this year surprising many in light of India’s struggling airline industry woes.
Jet earned a profit of $4.4 million (247 million rupees) in the period of April-June. It’s the carrier’s first profit in 6 quarters. The airline lost $22 million (1.2 billion rupees) last year in comparison.
‘Jet’s shares, valued at about $580 million, closed up 0.77 percent at 374.30 rupees, compared with a 0.15 percent fall on the 30-share benchmark index, after rising as much as 4.6 percent on the National Stock Exchange.’
Time will tell if this bodes well for India’s aviation sector. State taxes are about 30 percent and jet fuel now accounts for half the cost of airlines operating in that country.
Image: Flickr [dbanik]