SpiceJet posts highest quarterly net profit

Mumbai, Jan 22: Budget passenger carrier SpiceJet on Friday reported its highest ever quarterly net profit at Rs.238.40 crore — for the third quarter of the current fiscal.

The airline reported a net loss of Rs.275.03 crore in the corresponding period last fiscal.

“SpiceJet was back to near normal operations this quarter. While the margins remain slightly depressed due to wet lease operations, the Chennai floods and exchange losses, we are happy with the progress we have made so far,” said Ajay Singh, chairman and managing director, SpiceJet.

“The company will continue to work on reducing legacy cost and increasing efficiency,” he added.

The budget passenger carrier revealed a rise of 11 percent in its operational revenue at Rs.1,459.95 crore in the quarter under review. This is the fourth consecutive profitable quarter for SpiceJet since its turnaround after December 2014. (IANS)