Jet Airways FY08 net dips 94 per cent

MUMBAI: Private carrier Jet Airways India, which recently acquired rival Air Sahara, on Monday posted a 93.8 per cent dip in net profit at Rs 27.94 crore for the fiscal ended March 31, as compared to Rs 452.04 crore in the previous year.

The carrier's total income increased 21.5 per cent to Rs 7,401.31 crore for the fiscal from Rs 6,087.57 crore a year ago, it informed the Bombay Stock Exchange (BSE).

Jet Airways' net profit for the fourth quarter ended March 31 declined 61.24 per cent at Rs 88.01 crore, as compared to Rs 227.12 crore for the same period last year.

The total income increased marginally by 1.99 per cent to Rs 1,989.03 crore for the quarter from Rs 1,950.19 crore for the corresponding period a year ago.

The board of directors of the company at its meeting on Monday approved raising up to $400 million through a rights issue and said that decisions such as pricing and basis of offering would be taken by a committee of the board.

The fund raising comes close on the heels of Jet Airways buying Air Sahara in April this year and its plans to launch low-cost arm, JetLite, in the next few months.

The airline chief Naresh Goyal had earlier said all necessary government clearances for JetLite have been received. The company might operate JetLite on international sectors in future.

Jet Airways has also declared a 60 per cent dividend of Rs 6 on equity shares of Rs 10 each for the financial year 2006-07.

Shares of Jet Airways were trading at Rs 809, up 0.75 per cent on BSE in late afternoon trade.