SpiceJet’s second-quarter profit rises 80% to Rs 105.3 crore
The budget airline said this was its highest second-quarter profit in the history of its operations.
Low-fare carrier SpiceJet Ltd’s net profit rose 80% to Rs 105.3 crore in the second quarter that ended on September 30 against Rs 58.9 crore in the same quarter in 2016. This is the airline’s 11th successive profitable quarter, the company said on Monday. The budget airline said this was its highest second-quarter profit in the history of its operations.
Revenue also rose 30% to Rs 1,838.69 crore from Rs 1,415.83 crore in 2016 while expenses increased 28% to Rs 1,734.1 crore. The carrier was able to generate 3% more fare from passengers, and it also increased flight occupancy to 94% in the September quarter from 91% in the same quarter in 2016.
“We launched new flights on maiden routes and further emphasised our commitment for UDAN [the government’s regional connectivity scheme] by introducing our fourth daily flight,” SpiceJet Chairman and Managing Director Ajay Singh said. Singh acquired the airline from Kalanithi Maran and his associate company Kal Airways in 2014. SpiceJet controls 14% of the aviation market with a fleet of 55 aircraft, Mint reported.
Earlier this month, SpiceJet’s rival IndiGo also said that its profit increased almost four-fold to Rs 551.55 crore in the second quarter, Mint reported.