Jet Airways posts Q4 net profit at Rs.397 crore | WeForNews | Latest News, Blogs Jet Airways posts Q4 net profit at Rs.397 crore – WeForNews | Latest News, Blogs
Connect with us


Jet Airways posts Q4 net profit at Rs.397 crore



Jet Airways

Mumbai, May 26 : Airline major Jet Airways on Thursday reported a standalone net profit of Rs.397.16 crore for the fourth quarter (Q4) of 2015-16.

The airline had posted a net loss of Rs.1,728.99 crore in the corresponding quarter of 2014-15.

On a standalone basis, the airline’s total income from operations for the quarter under review inched up by 3.56 percent to Rs.5,245.28 crore from Rs.5,064.52 crore in the corresponding quarter of 2014-15.

The company’s total expenditure during Q4 declined by 13.35 percent to Rs.4,848.14 crore from Rs.5,595.64 crore for the quarter ended March 31, 2015.

The fuel expenditure which constitutes a major part of the total operating cost plunged by 25.13 percent to Rs.999.07 crore from Rs.1,334.47 crore in the corresponding quarter of the previous fiscal.

For the full financial year 2015-16, the airline’s standalone net profit stood at Rs.1,173.56 against a net loss of Rs.1,813.71 crore in 2014-15.

The company’s standalone total income for the year ended March 31, 2016, rose by 8.14 percent to Rs.21,167.33 crore from Rs.19,573.43 crore in the corresponding previous fiscal.

The standalone total expenditure during the fiscal under review came down by 2.46 percent to Rs.19,948.13 crore from Rs.20,451.88 crore during 2014-15.

The fuel cost declined by 24.98 percent to Rs.5,015.73 crore from Rs.6,686.26 crore in the corresponding previous fiscal.

On a consolidated basis, the airline’s net profit for 2015-16 stood at Rs.1,211.65 from a net loss of Rs.2,097.41 crore in 2014-15.

The company’s total income rose by 5.92 percent to Rs.22,206.96 crore from Rs.20,965.60 crore in the corresponding previous fiscal.

The total expenditure fell by 5.08 percent to Rs.20,967.15 crore from Rs.22,089.31 crore during 2014-15.

Fuel cost during the fiscal under review receded by 26.64 percent to Rs.5,403.37 crore from Rs.7,365.56 crore in the corresponding previous fiscal.

The company attributed the healthy earning results on enhanced fleet utilisation and optimisation of network, which enabled it to better integrate domestic and international operations.

“Jet Airways has been revitalized as a business in the last two years. Our focused efforts have resulted in significant improvement in operational performance leading to record profitability,” Naresh Goyal, Jet Airways chairman, was quoted as saying in a statement.

“Customer satisfaction, network enhancement and driving benefits through further improvements in operational efficiencies continue to be our key priorities.”

Goyal pointed out that competitive and structural challenges still existed in the Indian aviation market.

“In addition, the induction of capacity and the enhanced competitive scenario is creating a constant pressure on yields. We will continue to focus on strengthening our balance sheet to ensure sustainable growth and value addition for our stakeholders,” Goyal added.


UK non-essential shops to reopen from June 15: PM Boris Johnson

The British Retail Consortium said it welcomed the announcement, adding it provided “much-needed clarity on the route ahead”.




Boris Johnson

London, May 26 : All non-essential retailers across the UK will be able to reopen from June 15, Prime Minister Boris Johnson has announced, as part of plans to further ease the COVID-19 lockdown in the country.

Adressing the daily Downing Street coronavirus briefing on Monday, Johnson said that the move was “contingent on progress in the fight against coronavirus”, and retailers will have to adhere to new guidelines to protect shoppers and workers, the BBC reported.

Outdoor markets and car showrooms will be able to reopen from June 1.

Johnson said new guidance had been published for the retail sector “detailing the measures they should take to meet the necessary social distancing and hygiene standards”.

“Shops now have the time to implement this guidance before they reopen,” he said.

“This will ensure there can be no doubt about what steps they should take.”

Commenting on the development, Business Secretary Alok Sharma said: “Enabling these businesses to open will be a critical step on the road to rebuilding our economy, and will support millions of jobs across the UK.”

The British Retail Consortium said it welcomed the announcement, adding it provided “much-needed clarity on the route ahead”.

A spokesman for the Confederation of British Industry added that the new guidance would help retailers to open “safely and securely”.

However, not all businesses are pleased with the announcement, said the BBC report.

The British Association of Independent Retailers said many small shops had been preparing to open from next week, adding: “It is therefore a little disappointing for the smaller retailers not to be able to open until June 15, especially as they can make it safe to do so.”

Continue Reading


Airtel group ties up with Mastercard for farmers, SMEs

Airtel Payments Bank has been working with Mastercard for last three years to offer Mastercard powered debit cards to its savings bank account customers in the country.





New Delhi, May 26 : Airtel Payments Bank (APBL) has partnered with Mastercard to develop customized products catering to customers across the underbanked spectrum including farmers, small and medium enterprises and retail customers.

As part of the Government’s vision of Digital India and Banking for every Indian, both entities have been working towards driving adoption of formal banking and digital payments in the country.

The collaboration will bring together Mastercard’s global and local experience in developing advanced financial solutions and Airtel Payments Bank’s strong distribution network to reach the last mile and its large customer base.

The collaboration aims at building a digital platform which provides farmers with knowledge about advanced farming techniques and connection to marketplaces, while simultaneously enabling them to receive payments directly in their Airtel Payments Bank account.

Combined with 500,000 banking points of Airtel Payments Bank, the platform will provide farmers with access to neighbourhood banking, earnings stability and income growth. This will be a significant move towards building a cashless economy.

Both partners will also work together to create customized solutions for millions of small businesses across the country. These solutions will empower small and medium scale enterprises, who have limited access to finance, to make assisted payments, manage their financial & transactional processes, and also avail working capital in these times of crisis.

Finally, Airtel Payments Bank and Mastercard will work together to create differentiated card solutions, including solutions for contact less payments via NFC (Near Field Communication) for customers and merchants.

Anubrata Biswas, MD and CEO, Airtel Payments Bank said “..we aim to create products that will motivate customers to adapt formal banking behaviour and start opting for digital payments. These solutions will be an addition to our existing differentiated bouquet of easy, accessible and convenient banking and payment solutions to serve the underserved and unbanked population.”

Porush Singh, Division President, South Asia, Mastercard said, “These solutions will enable them to access a larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated with cash and get easy access to credit. The partnership will also play an important role towards achieving Mastercard’s goal to empower India’s merchants with digital payments acceptance infrastructure by the end of this year.

Airtel Payments Bank has been working with Mastercard for last three years to offer Mastercard powered debit cards to its savings bank account customers in the country.

Continue Reading


Maruti Suzuki introduces safety norms for used car business

True Value will also provide home delivery and post-sales support to customers among other measures.



Maruti Suzuki

New Delhi, May 26 : Maruti Suzuki India on Tuesday said it has put in place comprehensive norms to ensure a safe and hygienic car buying experience at its True Value showrooms.

The used car retail channel, True Value, comprises of 570 outlets in 280 towns and cities across the country.

In a statement, Maruti Suzuki said that the guidelines and standard operating procedures (SOP) ensure the maximum hygiene, sanitisation and safety for customers and they have been implemented in line with Centre’s advisories on COVID-19.

Kenichi Ayukawa, Managing Director and CEO, Maruti Suzuki India said: “Customer safety is our top priority. From showroom walk-in to delivery of car, we are fully committed to offer a safe and hygienic experience to our customers. We have put in place steps to ensure complete safety, hygiene and sanitization of all customer touchpoints.”

The safety features include seamless and personalised online car buying experience with use of True Value website and a dedicated mobile application to search and shortlist their preferred pre-owned cars and online documentation procedure.

The company has also ensured frequent sanitisation of customer interaction points and touch points like car evaluation area, parking, discussion area, display yard, registration desk, accessory display area, test drive vehicle, delivery and back office along with thermal screening to ensure absolute safety.

“Further to the robust evaluations and certification process each True Value car will be disinfected thoroughly before its test drive. The True Value staff visiting customer’s home will follow safety protocols with masks, social distancing and sanitizers. They will undergo thermal screening before and after visit,” said the statement.

True Value will also provide home delivery and post-sales support to customers among other measures.

Continue Reading

Most Popular