Air fares may travel north during festival season

UP, UP AND AWAY: The company said the airline is likely to hike its fares by 10 per cent.

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New Delhi: Bad news for consumers planning to travel this festive season. Jet Airways is mulling another fare hike.

The company said the airline is likely to hike its fares by 10 per cent.

“We are looking at raising the fares during the festive season. No concrete decision has been taken yet. But the increase will not be very high because of competition. It will not be in double-digit,” Jet Airways CEO, Wolfgang Prock-Schauer said.

This will be the second hike for Jet Airways in the last two months. Sources tell CNN-IBN that other airlines may also follow suit and hike their fares.

Prock-Schauer said Jet Airways would be raising up to $800 million from the market in the next two years.

“The airline hopes to come out of the red by the fiscal ending March 2010. We will break even or post profits by March 2010,” he said.

On Jet's participation in MRO facility, he said, “We are still evaluating the option, I cannot confirm this now.”

When asked about its plans to start a dedicated cargo airline, he said, “Right now, we are focused on executing our international and domestic expansion programmes. In the next two months, we will get two Airbus A-330s wide-body aircraft.”

(With agency inputs)