NEW DELHI: Jet Airways, India’s second-biggest carrier, forecast on Wednesday a return to profit in three years through cost-cuts, route-sharing with new partner Etihad Airways and restructuring of hefty debt.

The publicly traded airline, which has not posted an annual profit since 2007, has been struggling in an overcrowded market beset by cut-throat fare wars, high fuel costs and shoddy infrastructure.

“The game plan is in place, it’s now about delivery,” Jet Airways’ new chief executive Cramer Ball told reporters in New Delhi.

“It’s a three-year plan – 2015 we will reduce losses, 2016 we will consolidate and 2017 we’ll have profitability,” he said.

Ball was speaking at the airline’s first news conference with Etihad since India cleared in May the fast-growing Abu Dhabi airline’s purchase of a 24 per cent stake in the Indian carrier for 21 billion rupees ($330 million).

Etihad’s Jet stake enables it to compete better with regional rivals such as Qatar Airways and Emirates which transport a large slice of Indian passenger traffic to the Gulf and beyond.—AFP

Published in Dawn, July 24th, 2014