Mumbai, Nov 7 (IANS): Airline major Jet Airways Friday reported a standalone net profit of Rs.70 crore from a loss of Rs.891 crore during the corresponding period of last fiscal.

The company which reported quarterly profits for the first time since 2012, was able to do so on the back of sales of its frequent flyers programme ‘Jet Privilege’ for Rs.1,193.78 crore.

The company has recognised a surplus of Rs.305.01 crore during the quarter after the sales.

The company has not reported an annual profit since 2008. It is betting on cost cuts and the launch of more international routes to return to profits by 2017. The quarterly profits came after six consecutive loss making ones prior to this.

The company reported an increase of 16 percent in its standalone revenue which stood at Rs.4,772 crore in the quarter under review from Rs.4,101 crore reported in the second quarter of last fiscal.

"The operational restructuring initiatives with route and network rationalisation are already yielding dividends on the domestic and international network," said Cramer Ball, chief executive of Jet Airways.

"The organic network expansion, coupled with enhanced global connectivity through alliances and codeshares, has also helped increase international passenger traffic."

The company's consolidated results also showed healthy growth as its three-year turnaround strategy and the partnership with new minority shareholder Etihad Airways started to impact the business positively.

Jet Group reported a decline of 95.7 percent in losses which it incurred in the second quarter at Rs.43 crore from Rs.999 crore during the corresponding period of last fiscal.

The company's combined revenue was up by 13.7 percent at Rs.5,092 crore from Rs.4,480 crore reported in the second quarter of last fiscal.

The total passenger revenue was up by Rs.524 crore or 13.9 percent to Rs.4,277 crore in the second quarter from Rs.3,753 crore in Q2 FY14

The company's codeshare traffic surged by 105 percent from 155,000 passengers carried in Q2 FY14 to 318,000 ferried during the quarter under review.

The company added that the cargo revenue rose by Rs.36 crore or 10.5 percent to Rs.379 crore from Rs.343 crore in Q2 FY14.