Jet Airways Group has declared a highest ever annual profit in its history for the year ended March 31, 2016, and thereby achieved return to profitability a year earlier than the target set in its turnaround plan two years ago.

The consistently strong financial performance has enabled Jet Airways to reduce its debt by USD 256 million during FY16. Cost per available seat kilometer (CASK) excluding fuel dropped by 3.2% to 4.96 cents in FY16, clearly indicating Jet Airways’ success in achieving operational efficiencies throughout its business.

For Q4 of FY16, the company reported a net profit of USD 63 million, compared to a loss of USD 291 million for the same period last year. It marks the company’s fourth straight quarter of profitability.

The improvement in performance has been achieved largely due to the combination of enhanced fleet utilization and optimization of network, which enabled better integration between domestic and international operations.

Additionally, the implementation of a full service strategy across the domestic operation, supported by the “Guest First” approach along with an increased focus on premium traffic, has contributed positively.

Continuing the positive trend from Q3, the final quarter of 2016 saw ongoing improvements in all key performance indicators. Passenger revenues for Q4 FY16 rose by 3.1% per cent to USD 694 million, while EBITDA increased to USD 157 million compared to USD 44 million in Q4 FY15.

Overall codeshare traffic for the fourth quarter of FY16 grew 21 % to 570,000 passengers. A wider network of codeshares now enables Jet Airways to offer significantly enhanced global connectivity and has helped deliver the increase in passenger traffic. Codeshare traffic with strategic alliance partner Etihad Airways over its Abu Dhabi hub and with its partner airlines grew 45% in Q4 of FY16.

Jet Airways, together, with Etihad Airways, now has the largest market share of the Indian international traffic. Re-affirming its commitment to continue providing a best-in-class full service travel experience, Jet Airways announced the confirmation of its largest-ever fleet order for 75 Boeing 737 Max aircraft.