Jet Airways Ltd has posted a net profit for the second quarter in a row on improved load factors and higher international earnings, and its board has approved a $400 million rights issue to fund expansion. However, Jet Airways’ net profit for the fourth quarter ended March 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.India’s largest domestic carrier returned to profit in its fiscal third quarter after losses in two previous quarters on high fuel costs and growing competition in the domestic market. The company posted a 93.8 per cent dip in net profit at Rs 27.94 crore for the fiscal ended March 2007 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 BSE.Jet Airways has declared a 60 per cent dividend of Rs 6 on equity shares of Rs 10 each for the financial year 2006-07. The board of directors of the company has 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.
