MUMBAI — India's largest private sector airline, Jet Airways, has swung to a quarterly net profit from a loss a year earlier, led by a rise in passenger air traffic, a statement Friday said.
Jet posted a net profit of 35 million rupees (740,000 dollars) for the first quarter of the financial year to June from a loss of 2.25 billion rupees in the same period a year earlier.
Total revenues for the quarter rose 24 percent to 30.23 billion rupees.
"The airline has seen nine straight months of robust growth," Nikos Kardassis, chief executive of Jet Airways, said in a statement.
Jet said it suffered a revenue loss of 7.2 million dollars due to the impact of Iceland's volcanic ash eruptions in April which hit air travel globally.
In the quarter, international operations accounted for 56 percent of total revenues and the airline achieved a seat load factor of 80.1 percent compared with 76.5 percent a year earlier.
Jet carried 3.55 million passengers in the quarter, up 37 percent in the same period a year earlier.
The airline forecast a revival in demand for business class seats as India's economy grows strongly.
Jet shares fell 2.26 percent or 14.2 rupees to 614.1 rupees ahead of the earnings announcement.
Jet operates a fleet of 89 aircraft and flies to 66 destinations in India and abroad.
India's airline sector has been one of the most vibrant symbols of the country's economic progress.
The sector, which was hit by soaring fuel prices and the global slowdown last year, has been recovering in line with a rebounding Indian economy.
The economy is projected to grow by 8.5 percent this financial year to March 2011.
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