Soaring over stake sale deal with Etihad, Jet Airways posts Rs 85 cr net profit in Q3

Jet Airways

Jet Airways today reported a net profit of Rs 85 crore for the quarter ended December 2012.

The Naresh Goyal-owned company had reported a net loss of Rs 101.22 crore in the October-December quarter ended December 31, 2011, Jet Airways said in a filing to the BSE.

Total income from operations rose to Rs 4,205.77 crore in the October-December quarter ended 2012 from Rs 3,939.16 crore in the year-ago period.

Shares of the company were trading at Rs 621.55, down 0.09 per cent on the BSE.

Meanwhile, ahead of finalising Etihad's deal to acquire 24 per cent stake in Jet Airways, top brass of the two carriers today met Finance Minister P Chidambaram and are understood to have discussed regulatory requirements.

The two airlines are likely to clinch the deal soon and apply for approval of the stake sale deal to the Foreign Investment Promotion Board (FIPB) of the Finance Ministry.

Speculation is rife that the deal would be firmed up in the next ten days.

Etihad is likely to buy 24 per cent equity in Jet Airways valued at about Rs 1,800 crore. If the deal is carried through, it would be the first investment by a foreign carrier in an Indian airline.

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