Jet Airways aims to spin out of the red

Hit by a massive loss of Rs 4,130 crore in 2013- 14, Jet Airways aims to turn profitable in the next three years and plans a major overhaul of its fleet and products.

Months after Gulf carrier Etihad Airways picked up 24 per cent stake in it, Jet is looking at selling some of its planes and restructuring the huge debt burden as part of the strategy.

"We are looking at a lot of consolidation. We may sell our surplus aircraft or return them to lessors. We finding out what is the most economical way to go forward. We will be announcing all this soon," Jet chairman Naresh Goyal said at a press conference attended by Etihad chief executive officer (CEO) James Hogan in New Delhi on Wednesday.

Goyal added the carrier is talking to its bankers but did not divulge details of the discussions. The airline would also expand its international operations, which are currently profitable, to 63 per cent of its business by 2016 from 45 per cent at present, Goyal said.

Both Hogan and Goyal focussed on the Jet-Etihad partnership saying it would mark Jet's progressive expansion to North and South Americas, Europe and Africa and lowering of operational costs due to combining of their fleet and routes of the two airlines, among other things.

"We plan to reduce losses in 2015, consolidate in 2016 and turn profitable in 2017. ... We are already on track as our international business has turned profitable," Jet CEO-designate Cramer Ball said. Ball added that the next 12 months would see major changes being implemented to enhance Jet's domestic and international operations.

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