Jet posts $33.3 million profit in first quarter

July 29th, 2008 - 10:19 pm ICT by IANS  

Mumbai, July 29 (IANS) India’s largest private carrier Jet Airways has announced a net profit of Rs.1.43 billion ($33.3 million) during the first quarter of fiscal 2008-09 against Rs.308.80 million in the corresponding period last year. For the first quarter ending June 30, total income increased to Rs.28.99 billion from Rs.19.83 billion in the corresponding quarter last year.

An aviation analyst in a leading brokerage firm told IANS: “Due to a change in accounting policy for charging depreciation on narrow body aircraft, there is an excess of around Rs.9.15 billion.”

“If this (depreciation) is not taken into account, then the loss posted by Jet would have been steep,” he added.

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