Jet posts profit

Mumbai, July 29: Jet Airways has reported a net profit of Rs 143.38 crore for the quarter ended June 30, 2008, beating Street expectations. In the year-ago period, the airline had earned a net profit of Rs 30.88 crore. However, the 364 per cent growth in net profit was attained after a depreciation write-back amounting to Rs 915.97 crore. The airline’s total income increased to Rs 2,899.15 crore for the June quarter from Rs 1,983.2 crore last year. Fuel costs in the quarter ended June 2008 were Rs 268.40 crore higher than that in the corresponding quarter of last year. Jet recorded a higher seat factor of 72 per cent against the industry average of 65 per cent. The airline is cutting capacity by 12 per cent to achieve a better demand-supply balance. It expects fares to go up consequently.

Oil price dips

London July 29: Crude oil price fell more than $4 a barrel to below $121 on Tuesday, its lowest since May, as signs of weakening demand outweighed a disruption to Nigerian oil output.

Ranbaxy show

New Delhi, July 29: Ranbaxy Laboratories has reported a consolidated profit after tax of Rs 160.8 crore and consolidated sales of Rs 1,829.6 crore in its second quarter ended June 30. While the profit rose marginally from Rs 160.4 crore a year ago, sales went up 12.67 per cent from Rs 1,829.6 crore.

RIL gas delay

New Delhi, July 29: Reliance Industries (RIL) is likely to see a 2-3 week delay in gas production from its eastern offshore D6 field after two of its vessels went out of operation following the issuing of new norms by the shipping authorities.

Tax ruling

New Delhi, July 29: In a significant ruling, the income tax body, Authority for Advanced Rulings, has held that payments made towards the supply of software by the US-based defence major Raytheon to the Airports Authority of India will be taxed in India.

Cotton move

New Delhi, July 29: The government has ruled out imposing a ban on cotton exports to bring down domestic prices.