MUMBAI-- Jet Airways (India) Ltd. said Monday it expects industry fares to go up in the peak travel season starting November though a return to profitability is still difficult for the airline.

"Yields show no signs of improving and so long as revenue for passengers is low, it will be difficult to come back to profitability," Saroj Datta, executive director of the private carrier, said on television channel CNBC TV18.

"We may break even but only for a short period. But we hope to see an increase in traffic, especially premium traffic" in the peak season, he added.

Mr. Datta said the company was still waiting for the government's approval for raising up to $400 million.

The Economic Times newspaper reported Monday, citing an unnamed government official, Jet Airways has received the approval of India's Foreign Investment Promotion Board to raise funds through a share sale.