Jet Airways Q3 net profit up at Rs1.18 billion

Jet Airways (India) Ltd, India's biggest domestic airline, posted an 11 per cent rise in third-quarter profit as demand for travel increases in the world's second- fastest growing.

Net income was up at Rs1.18 billion, or Rs13.69 a share, in the three months ended 31 December from Rs1.06 billion, or Rs12.25 per share a year earlier, according to the  Mumbai-based airline. Revenue was up 20 per cent at Rs34.7 billion.

The carrier reported its fifth consecutive quarterly profit after carrying 15 per cent more passengers.

Jet and other carriers are expanding their fleet as the government expects India's domestic air traffic to increases fourfold to 180 million passengers a year by 2020.

Travel is surging in the India with the economy growing at a fast clip. It grew 8.9 per cent in the three months ended 30 September. The central bank last month held its projected economic growth at 8.5 per cent as against 8 per  cent over the previous 12-month period.

According to the carrier's statement it carried 3.94 million passengers in the quarter, in the process, filling up 79.3 percent of seats, as against 80 per cent a year earlier.