Mumbai, April 3: Jet Airways Ltd, India's top private carrier, is assessing the market for the launch of its rights issue and will turn profits over the next year helped by more international routes, its chairman said on Thursday.

"We will wait for the right market conditions," Naresh Goyal said at a news conference to announce the launch of new flights to Hong Kong, Muscat, Abu Dhabi and San Francisco from Mumbai.

Jet had earlier said it would launch the delayed $400 million rights issue by end-June, and he said there were no further delays at the moment.

Goyal also reiterated he would sell up to 10 percent of his stake in Jet through a private placement to raise a further $400 million.

International operations would make up half of Jet's overall revenue by the fiscal year to March 2010, he said, up from more than a third now. The increased overseas revenues would also help the airline report profits in a tough market, he said.

"We will make money in the next one year," he said, adding he expected revenue of $3.2-$3.4 billion in 2008/09, with subsidiary JetLite separately posting revenue of $500 million.

JetLite, the erstwhile Air Sahara which Jet acquired last year, would also turn profits over the next year, he said.

Indian carriers, buffeted by high fuel prices and operating costs, will report a combined loss of $700 million in 2007/08, consultancy Ernst & Young said in a recent report.

Losses will narrow to $400-$500 million in 2008/09, and carriers will post profits in 2009/10, it said.

Jet, which reported a fiscal third-quarter net loss of 911 million rupees ($23 million) compared to a net profit of 400 million rupees a year earlier, is spending about $2 billion on buying wide-body aircraft for its international operations.

It was also studying the viability of a cargo carrier and may consider additional aircraft to meet its needs, Goyal said.

India's air passenger traffic almost doubled between 2004 and 2007, helped by strong economic growth and new discount carriers.

Shares in Jet Airways provisionally ended down 2 percent at 538 rupees in a firmer Mumbai market.