Jet Airways Ltd reported its first quarterly profit since 2012 on Friday, thanks to the sale of its frequent flyer business, but the airline continued to lose money once one-off gains were excluded.
Excluding the sale, Jet, which is targeting a return to profitability by 2017, lost Rs 235 crore (Rs 2.35 billion) in the quarter, less than the Rs 833 crore (Rs 8.33 billion) it reported a year earlier after operating income rose and fuel costs fell.
Indian airlines are largely loss-making as a fight for fares keeps revenues below costs in one of the world's fastest growing aviation markets.
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