New Delhi: Jet Airways Group on Friday reported a net profit of Rs 23 crore during the fourth quarter of the current and also reported reduction in profit for 2017 fiscal at Rs 438 crore for the year. The airline, during the quarter, registered a 3.5% increase in total revenue at Rs 5,728 crore compared to Rs 5,533 crore in Q4, FY16.
The airline said that the year was extremely challenging for them. “The past year has been extremely challenging for both domestic and international markets. Notwithstanding the growth in traffic in the domestic market, the downward pressure on yields continued despite rise in oil prices. We achieved positive results through our relentless effort to streamline operations, improve productivity and business performance, enabling us to reduce our debt by Rs 1,902 crores during this year, despite weakening demand in certain international markets, especially Gulf,” Naresh Goyal, Chairman, Jet Airways, was quoted in the release.