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Jet expects to break even in a year
Jet Airways chairman Naresh Goyal is confident that the country’s largest carrier will break even in a year.
Updated : Sep 15, 2017, 02:14 AM IST
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MUMBAI: Jet Airways chairman Naresh Goyal is confident that the country’s largest carrier will break even in a year.
Goyal said: “International expansions are helping the load factor and the seat factor and the company will make money in the next one year.”
The company is looking at revenues of $3.8-3.9 billion in FY08-09 for Jet Airways standalone. While stressing on their international segment, Goyal said that it would contribute 50% of the company’s revenue by 2010.
The international routes, expanding at a fast pace, contributed almost 37% to the company’s revenues last fiscal.
Milan would be the second European hub for Jet Airways after the one in Brussels, Goyal said.
An analyst with a foreign brokerage told DNA Money: “I do not think Jet would be able to show profits in the next one year unless they do more sale and lease back of aircraft. The picture in the international sector also might not be as rosy as it seems now, with the current global economic conditions.”
Jet Airways also announced new direct flights to Hong Kong, Muscat and Abu Dhabi from Mumbai and to San Fransisco from Mumbai via Shanghai. Jet would be the first Indian airline to fly to the US West Coast via Shanghai.
The company also expects JetLite to become profitable over the next year. Jetlite losses are down from $15-16 million last year to $7-8 million this year, Goyal said. The company’s capacity induction in the domestic space has been 15% yearly and expects to lay on track for this.
Besides, Jet is looking to increase its cargo revenue additions to 15% in one year’s time from current 8%.
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“Hong Kong, Shanghai and San Fransisco are all leading cargo gateways of the world and would add to the company’s cargo revenues,” said Sudheer Raghavan, chief operating officer, Jet Airways.
