Jan. 28: Private carrier Jet Airways has suffered a net loss of Rs 91.12 crore for the third quarter ended December 31, 2007 compared with a net profit of Rs 40.04 crore in the corresponding quarter of the previous year.

Soaring jet fuel prices and startup losses on long-haul operations have hit the operating margins of the airline which expects to break even by the next fiscal.

Speaking to The Telegraph, company CEO Wolfgang Prock Schauer said, “Our domestic business, which has attained a load factor of more than 70 per cent this quarter, is very near to its breakeven, although the international operations will take at least 12-18 months to see some profit. We have also taken certain initiatives internally that will help cut losses by at least 10 per cent.”

“We are adding two new Boeings and 14 new ATRs till December 2008 to expand our domestic and international fleets,” he added.

The total income of the firm increased 27.80 per cent to Rs 2,517.18 crore from Rs 1,969.69 crore in the year-ago period. Shares of the airline closed at Rs 748.05, up 0.68 per cent, on the BSE.

The company’s board has also approved the proposal to raise up to $800 million through qualified institutional placements, subject to shareholders’ consent. This will be in addition to the $400 million which the company will raise through a rights issue.

Tata Tea

Tata Tea has posted a standalone profit after tax of Rs 58.88 crore for the third quarter this fiscal compared with Rs 94.2 crore in the corresponding quarter of the previous year.

The profit during the reporting quarter was lower because Tata Tea earned an extraordinary profit by selling the shares of Glaceau for $667 million in the year-ago period. The standalone income from operations increased 22 per cent to Rs 355.3 crore from Rs 290.7 crore, driven by a 15 per cent rise in sale of branded tea.

The consolidated income from operations rose 7 per cent to Rs 1,184.9 crore from Rs 1,112.5 crore.

Larsen & Toubro

Larsen & Toubro has recorded a profit of Rs 481.79 crore for the quarter ended December 31, 2007, against Rs 343.90 crore in the year-ago period.

Total income grew 53.47 per cent to Rs 6,483.55 crore for the third quarter this fiscal from Rs 4,224.49 crore during the corresponding period of the previous year.