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Jet Airways announces surprise quarterly profit

Jet Airways flights seem to have performed well. India’s largest private carrier Jet Airways recently sprang up a big surprise by posting a quarterly profit.

The worsening financial position of the airline’s two troubled rivals helped it make significant gains. The airline was also able to maintain a strong financial position by raising airfares and attracting more passengers.

The unexpected profits being posted by Jet Airways and another Indian budget carrier SpiceJet have brightened the prospects of the ailing aviation industry in the country raising hopes for a partial recovery.
Recently, the aviation industry in India had suffered heavily because of the ever increasing jet fuel costs and below-cost airfares due to tough competition.

Jet Airways in a statement said that its revenue earnings amounted to $4.47 million (Rs 247 million) for April-June 2012 on a standalone basis. The airline stated that this is the first profit in six quarters. Earlier, the airline had suffered a loss of $22.27 million (Rs 1.23 billion) in the same quarter in 2011.

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