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Jet aims to turn profitable in next 3 yrs
Jet Airways, which suffered a loss of Rs 4,130 crore in 2013-14, on Wednesday said it aims to turn profitable in the next three years.
Claims international operations have already turned profitable
We are in the process of finalising our new products, restructuring our financial balance sheet, working with banks and making payments to our creditors – Naresh Goyal
New Delhi: Jet Airways, which suffered a loss of Rs 4,130 crore in 2013-14, on Wednesday said it aims to turn profitable in the next three years and was planning a major overhaul of its fleet and products, months after Gulf carrier Etihad Airways picked up 24 per cent stake in it.
"We plan to reduce losses in 2015, consolidate in 2016 and turn profitable in 2017.... We are already on track as our international business has turned profitable. We now have to take our business forward," Jet's CEO designate Cramer Ball told a press conference here. Ball is yet to get necessary clearances to formally take over his position.
The press conference was jointly addressed by Jet Chairman Naresh Goyal and Etihad President and CEO James Hogan. Both Hogan and Goyal focussed on Jet-Etihad partnership, saying it would mark Jet's progressive expansion to North and South Americas, Europe and Africa and lowering of operational costs due to combining of their fleet and routes of the two airlines, among other things.
Goyal said, "We are in the process of finalising our new products, restructuring our financial balance sheet, working with banks and making payments to our creditors." On whether restructuring, he said, "We are looking at it. We may sell our surplus aircraft or return them to lessors. We are finding out what is the most economical way to go forward. We will be announcing all this soon." Referring to the strategic direction of the Jet-Etihad partnership, the Etihad chief indicated taking on competition from global groupings like Star Alliance, which recently had Air India as its latest member, though he did not name any. "We are long-term investors in Jet Airways, which is different from being a shareholder. We have no exit strategy from Jet and we are here to stay," Hogan said.
Supporting the partnership, the Jet Board recently approved a three-year business plan to reshape the airline and secure its future in the long-term, Goyal said. The plan incorporates a series of critical measures to return to profitability, including long-term network, fleet and product developments to optimise the airline's domestic and international operations.
