Bogged down by competitive pressure and lower revenues, Jet Airways on saw its consolidated net profit fall 44 per cent to Rs 126 crore in the three months to June.
The second largest airline by market share had a net profit of Rs 226 crore in the year-ago period.
Total revenue dropped to Rs 5,406 crore in the first quarter of the current financial year from Rs 5,508 crore in the same period a year ago, it said in a release.
Naresh Goyal, Chairman, Jet Airways, said: “Jet Airways has strengthened its core operations and achieved better capacity utilization and greater efficiency. We have been able to report lower non-fuel cost in spite of inflationary increases and weakening of Indian Rupee against US Dollar by almost 6%.”
“Due to the intense competitive environment, industry yields were under pressure in Q1 and the trend is expected to continue in Q2.”