Jet Airways Ltd on Friday reported an operating profit of Rs 30 million ($486,200) for the three months to Dec 31, ending seven consecutive quarters of losses after it benefited from a drop in fuel costs and increased revenues.

Jet reported a Rs 2.84 billion loss for the same period a year earlier.

Jet is the second-biggest airline by market share in India after privately-held IndiGo.

Jet reported a net profit in the previous quarter due to one-off gains, including from the sale of its frequent flyer programme.

Shares of Jet closed 1.35 per cent higher ahead of the earnings release, versus a 0.58 per cent loss in the benchmark index.