India’s Jet Airways collapse fuels profits | 2019-07-22

India’s Jet Airways collapse fuels profits

21st July, 2019 11:08:21 printer

MUMBAI: Benefiting from the collapse of India's ailing Jet Airways, India's largest airline IndiGo reported a 43-fold rise in April-June net profit to 174.5 million US dollars, its highest ever quarterly net profit, said the airline release late on Friday.

The airline attributed the surge in net profit to strong passenger revenues and a sharp improvement in cargo performance with its share in domestic market rising to 48.1 percent in June 2019 from 39.7 percent in January 2018, reports Xinhua.

In June, 12.02 million passengers flew various airlines, up 6.2 percent over the corresponding month last year, according to the civil aviation regulator.

"Given the current environment of high yield, strong passenger load factor ensuing from Jet's downfall and favorable aviation turbine fuel prices.