Spicejet flies in the black, net up Rs 56 crore in Q1
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After being in the red for five consecutive quarters, budget carrier Spicejet flew back into profitability reporting a net profit of Rs 56 crore in the June quarter as against a loss of Rs 71.96 crore a year ago, on the back of significant growth in sales and better yields.
The Chennai-based Kalanithi Maran-promoted carrier also posted a 51 per cent growth in sales at Rs 1,406.74 crore in the April-June quarter, compared to Rs 930.75 crore y-o-y, a statement from the airline said.
The average revenue per passenger during the reporting quarter increased 24 per cent, while the number of passengers carried rose 26 per cent.
Besides, the seat factor also rose to 80.3 per cent from 78.9 per cent, the company said, adding the period also saw its market share increasing by 1.5 percentage points to 18.6 percent.
Though the load factors and yields have been holding firm, the high cost of operations influenced by a weak the rupee prevented the company from posting even better results, it said.
Prohibitively expensive fuel prices continue to adversely impact the civil aviation sector, it said, adding that though international crude prices have softened in recent weeks, the domestic carriers are yet to realise the benefits of such reduced input costs of the fuel.
In addition, the industry has also absorbed significant increases in airport charges at the Delhi airport, the company said.
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