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Jet surprises with size of Q1 loss; pricing pressure hurts

This article was posted on Jul 25, 2011 and is filed under Market News

MUMBAI (Reuters) – India’s largest private airliner, Jet Airways, on Friday surprised the markets by posting a much lower loss than expected on better revenue and a one-time gain, but the carrier cautioned high fuel and intense competition hurt performance.

The Mumbai-based airline reported a first quarter net loss of 1.23 billion rupees compared to a Reuters poll of brokerages that had expected Jet to report a quarterly net loss of 2.39 billion rupees.

In the comparable year-ago quarter it had a net profit of 35.2 million rupees. Its April-June total income rose to 35.4 billion rupees from 29.65 billion.

“They have been doing well in terms of topline growth. What they have been witnessing has been a pressure on yields as well as pressure on fuel cost,” said Mahantesh Sabarad, sector analyst at Fortune Equity Brokers. For more visit: Yahoo Finance

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