Jet Airways third-quarter profit nearly halves as fuel costs soar

Jet Airways (India) Ltd, the country’s second-largest airline, on Wednesday reported a 46 percent drop in third-quarter profit, hurt by higher fuel expenses.

Net profit for the three months ended Dec. 31 stood at 1.65 billion rupees ($25.74 million) versus 3.05 billion rupees in the year ago quarter.

Revenue from operations grew 10.4 percent to 60.86 billion rupees.

Total expenses for the quarter jumped 10 percent with aircraft fuel expenses rising around 29 percent to 18.40 billion rupees.