New Delhi, Dec 8 (PTI) Shares of Jet Airways todayslumped more than 4 per cent in morning trade after theprivate carrier reported a 91 per cent plunge in standalonenet profit for the September quarter.
Shares of the company opened on a weak note on the BSE atRs 668.90, then lost further ground to touch a low of Rs 665,down 4.55 per cent over its previous close.
Similar movement was seen on the NSE as well, where thestock opened at Rs 669.40, and then declined to Rs 664.65,down 4.61 per cent.
The Naresh Goyal-owned airline posted a 91 per cent fallin standalone net profit at Rs 49.63 crore for the threemonths to September on account of a deep decline in otherincome. It had posted a net profit of Rs 549.02 crore inthe same period last fiscal.
Total sales also declined to Rs 5,758.18 crore in thequarter under review, from Rs 5,772.79 crore in the previousfiscal, Jet Airways said in a regulatory filing yesterday.
Other income, which is generally the non-aeronauticalrevenue, came down by 59 per cent to Rs 131.57 crore in thereporting quarter, from Rs 319.58 crore in the year-agoperiod, according to the filing.
"The weak demand in the Gulf continues while low fares aswell as yields in the domestic market have limited the abilityto offset the increase in fuel prices," Jet Airways ChiefExecutive Officer Vinay Dube was quoted as saying in arelease. PTI DRRABM.
This is unedited, unformatted feed from the Press Trust of India wire.