Defying the global air cargo slowdown Jet Airways has posted a net profit of US$10.4 million for the fourth quarter ended 31 March on what it said was a result of improved international performance, effects of the restructuring programme and reduced fuel prices.

During the quarter, Jet returned three B737-400s, discontinued some long-haul flights, discontinued its Cochin-Bahrain flights and introduced its Mumbai-Kuwait service. It leased two A330s to Gulf Air and three B777s to Turkish, and wet-leased three additional B777s to Gulf Air. Jet also noted that the downward trend in India’s domestic aviation market continues. “With the upcoming lean season, load factors and yields will continue to be under severe pressure,” Jet said.

Jet’s domestic operations accounted for 43.9 per cent of operating revenues – $213.2 million – versus 58 per cent at $398.8 million in the fourth quarter of the previous year.

A slowdown in domestic traffic coupled with an overall reduction in capacity, led to a 12 per cent decline in overall market share in Q4 this year. Major network initiatives going forward include reduced capacity on routes to US/Canada by using A330s in place of the B777s and higher B737 utilization on Gulf/ASEAN routes,” the Jet report said.