Jet Airways today posted a 46 per cent decline in standalone net profit at Rs 165.25 crore in the three months ended December 2017 as higher expenses crimped the bottom line.
Despite the full service carrier recording a higher total income of Rs 6,349.34 crore in the latest December quarter, the net profit slumped during the same period.
In the 2016 December quarter, it had a total income of Rs 5,940.63 crore.
According to a regulatory filing, the airline's net profit dropped to Rs 165.25 crore in the third quarter of current fiscal from Rs 305.20 crore in the year-ago period.
In the three months ended December 2017, total expenses jumped to Rs 6,184.09 crore compared to Rs 5,635.43 crore in the same period a year ago.
Gain on account of foreign currency fluctuations stood at Rs 141.51 crore in the December quarter of 2017. The same was at a loss of Rs 190.25 crore in the three months ended December 2016, as per the filing.
Further, the filing said, revenue from operations include income from leasing of aircraft which stood at Rs 8.36 crore in the latest December quarter while it was at Rs 127.82 crore in the year-ago period.
"Other non-current assets as at 31st December, 2017 includes certain customs duty and Integrated Goods and Service Tax (IGST) paid by the company 'under protest' on reimport of repaired aircraft engines aggregating to Rs 15,114 lakh. The company has since filed appeal with the appropriate authorities based on the advice received from experts. Pending adjudication, the company has considered it as recoverable in the statement of assets and liabilities," it noted.
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