Jet posts $33.3 Mn profit in first quarter

Tuesday, 29 July 2008, 07:00 Hrs
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Mumbai: India's largest private carrier Jet Airways has announced a net profit of 1.43 billion ($33.3 million) during the first quarter of fiscal 2008-09 against 308.80 million in the corresponding period last year.

For the first quarter ending June 30, total income increased to 28.99 billion from 19.83 billion in the corresponding quarter last year.

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

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