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New Delhi, Nov 11, 2014

Jet Group Q2 highlights include:

  • Losses cut by 95.7 per cent from INR 999 crores(USD 159.5m)in Q2 FY14 to INR 43 crores (USD 6.9m) in Q2 FY15

  • Total Jet Group combined revenue up by INR 613crores (USD 99.2m)or 13.7 per cent to INR 5,092 crores(USD 824.6m) in Q2 FY15 from INR 4,480crores (USD 715.5m) in Q2 FY14

  • Total passenger revenue up by INR 524 crores(USD 84.8m) or 13.9 per cent to INR 4,277crores (USD 692.6m) in Q2 FY15 versus INR 3,753 crores(USD 599.5m)in Q2 FY14

  • EBITDAR of INR 449 crores (USD 72.7m) vs INR 1.5 crores (USD 0.2m) in last year same quarter

  • Codeshare traffic surges by 105 per cent from 155,000 passengers carried in Q2 FY14 to 318,000 in Q2 FY15

  • Seat factor up 1.2 percentage points to 78.6 per cent in Q2 FY15 from 77.4 per cent in Q2 FY14

  • Yield up 6.4 per cent

  • Cargo revenue up INR 36 crores(USD 5.8m) or 10.5 per cent to INR 379 crores (USD 61.4m)in Q2 FY15 versus INR 343 crores(USD 54.8m) in Q2 FY14

-- Jet Airways standalone reported Revenues of INR 4,772 crores (USD 773m) vs 4,101 crores (USD 655m) last year same year (16% Up). Profit after tax of INR 70 crores (USD 11m) as compared to Loss of INR 891 crores (USD 142m) last year.

Exchange rate used 1 US $ = INR 61.750 for current quarter and 1 US $ = INR 62.605 for previous year same quarter

Jet Airways Group today reported a strong improved performance for the second quarter ending 30 September 2014, as its three-year turnaround strategy and the partnership with new minority shareholder Etihad Airways started to impact the business positively.

Compared to the same quarter of the previous financial year, Jet Airways’ financial performance improved by INR 956 crores or 95.7 per cent. The net loss before taxes is INR 43 crores compared to a net loss of INR 999 crores for the same period last year.

Total revenue (combined) for the second quarter FY2015 increased by 13.7 per cent to INR 5,092 crores from INR 4,480 crores. Passenger revenues for Q2 FY15 rose by 13.9 per cent to INR 4,277 crores from INR 3,753 crores, and cargo revenue by 10.5 per cent to INR 379 crores from INR 343 crores, compared with the second quarter last year. The combined passenger load factor increased by 1.2 percentage points from 77.4 to 78.6 as the airline gained new customers. Yield was up by a strong 6.4 per cent, as the business plan to reshape the airline, and the benefits of the partnership with Etihad Airways, took hold.

Overall RASK (Revenue per Available Seat Kilometer) in Q2 FY15 increased by 7.8 per cent to INR 4.61 from INR 4.27. While domestic RASK rose by 18.6 per cent to INR 5.14 from INR 4.34, international RASK increased by 2.2 per cent to 4.32 from 4.23, reflecting a strengthening of the international operations of the airline.

The performance of the airline’s cargo division is also proof of the turnaround at Jet Airways. As of Q2 of FY15, Jet Airways is now Etihad’s largest cargo interline partner. Cargo revenues increased by 10.5 per cent increase from INR 343 crores to INR 379 crores

Cramer Ball, CEO of Jet Airways said, “ I am extremely pleased by the progress that is evident across several areas during the quarter. Thisis in keeping with our three-year turnaround plan.

The operational restructuring initiatives with route and network rationalisation are already yielding dividends on the domestic and international network. The organic network expansion, coupled with enhanced global connectivity through alliances and codeshares, has also helped increase international passenger traffic. All of which makes me confident that our move to a single brand by December, will help provide our guests with exceptional value and a significantly enhanced and consistent product offering.

In our commitment to improve our customer’s experience, the JetPrivilegeProgramme has been enhanced by the introduction of a new mileage accrual and reward structure, as well as new strategic partnership that will add value and strengthen the travel experience for our Jet Privilege members.

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