India's largest private carrier, Jet Airways recorded a net profit of Rs 105 crore in the third quarter of the current financial year against Rs 214-crore loss in the year-ago period. The Airline benefited from the lower cost of fuel and income from aircraft leasing.

The sales for the company declined 6.5% to Rs 2,722 crore in the period. The airline has market share of 26.9% in the domestic sector. Jet managed to reduce costs by 19% to Rs 887 crore.

The company also saved on employee remuneration as it declined 21% to Rs 289 crore due to lesser number of people on its rolls. Presently the company employs 11,200, against 13,400 last year. It operates a fleet 89 aircrafts.

Other operating income for the airline stood at Rs 163 crore from leasing out aircraft. The company is planning to raise $150-$200 million through placement of equities with institutions. The capital raised will be used for to repay debts which now amount to its Rs 14,210-crore. Currently, the airlines debt-equity ratio is 7:1.

The airline said that it has seen a revival in domestic passenger traffic and it achieved high levels of load factors as well as yield growth. The airline expects coming months to be good for business.

CEO Jet Airways, Nikos Kardassis said, "The domestic and international traffic grew 38% and 24% due to favourable environment in the aviation industry. We are positioned to consolidate gains on all fronts."

Jet's low cost no frills brand, Konnect has performed well during the period and recorded a load factors of 75.9%, helping the airline as whole to gain profits.

Jet is planning to acquire a 26% in the MAS GMR Aerospace Engineering, which is a joint venture between Malaysian Aerospace Engineering and GMR Hyderabad International Airport. It undertakes airframe maintenance, repair and overhaul activities in the aviation sector.

The profit announcement resulted in a 4% rise in company's stock even as the benchmark index fell.