Struggling Jet Airways, one of India's biggest carriers, has reported a quarterly profit for the first time in two years, boosted by a one-off gain from the sale of a frequent-flyer scheme.

The Indian carrier, in which fast-growing Gulf airline Etihad Airways has bought a 24 per cent stake, remained in the red when the sale proceeds were stripped out, but the airline still improved its operating performance markedly.

Jet announced a Rs698 million ($11.3 million) net profit for the second financial quarter to September in contrast with a Rs8.9 billion ($144 million) net loss in the same year-ago period.

'I am extremely pleased by the progress that is evident across several areas,' Jet Airways chief executive Cramer Ball, known as a turnaround specialist, said.

The publicly traded airline, which last reported a quarterly profit in 2012, has been seeking to pilot its way back to profitability in India's congested skies.

While India's passenger aviation market is one of the fastest-growing globally, cut-throat fare wars and too many carriers mean most of the country's airlines are losing money, analysts say.-Reuters