(Reuters) - India's second biggest carrier Jet Airways(JET.NS), close to a tie-up with Abu Dhabi's Etihad Airways, swung to a quarterly profit of 850 million rupees on Friday on lower costs and rising fares in an under-serviced market.
Jet shares have almost doubled in the past three months as Etihad's plans to pick up a stake in the airline have become clearer.
The Jet deal, if closed, will be the first since India relaxed ownership rules in September last year and allowed foreign carriers to buy up to 49 percent in domestic carriers that are battling stiff competition and high operating costs.
Jet's earnings surprised analysts, who according to Thomson Reuters I/B/E/S, were expecting a profit of 278.5 million rupees. It was the third straight quarter it has exceeded estimates.
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