Jet Airways shares jumped 6 per cent on Friday after India's second-biggest airline reported its first annual profit in nearly a decade. Like its peers SpiceJet and IndiGo, Jet Airway's bottom line was helped by lower fuel costs and higher passenger traffic.
Jet Airways reported a record net profit of Rs 1,212 crore in FY16 as compared with a loss of Rs 2,097 crore in the previous year. In the March quarter, Jet Airways reported a profit of Rs 426 crore versus a loss of Rs 1,803 crore in the year-ago period. After the results the chairman Naresh Goyal said Jet Airways would continue to focus on strengthening its balance sheet to sustain growth. Jet Airways shares closed 0.35 per cent lower at Rs 604.1 as compared to 1.1 per cent gain in the broader Nifty