India’s second largest airline Jet Airways on Thursday reported a 91% slump in the second quarter that ended on September 30, hit by increasing fuel expenses.

The net profit for the quarter was reported at Rs 4,963 lakh, while it was Rs 54,882 lakh in the corresponding quarter in 2016. In the previous quarter that ended on June 30, the net profit was reported at 5,350 lakh. Meanwhile, the quarterly total expenses rose 9.2% to Rs 5,709 crore with aircraft fuel expenses rising about 17%.

On Thursday, the stocks of Jet Airways closed 2.04% higher at Rs 696.76 per share.