SpiceJet picks up pace in profit zone
Posts Rs205-cr profit in June qtr as against Rs789-cr loss in year-ago period
SpiceJet board okays Rs 2,250 crore capital infusion
New Delhi No-frills carrier SpiceJet on Monday reported a net profit of Rs 205 crore in the three months ended June, helped by strong air travel demand. The airline, which is facing multiple headwinds, had recorded a net loss of Rs789 crore in the year-ago period.
In a release, SpiceJet said “the profit of Rs205 crore was on account of strong demand for air travel in India. Total operating revenue for the reported quarter was Rs2,002 crore as against Rs2,457 crore in the same quarter of the previous year.”
In the first quarter of this fiscal, operating expenses declined to Rs1,291 crore as against Rs 2,072 crore in the same period a year ago.
Ajay Singh, CMD, SpiceJet, said that despite facing multiple challenges, the airline posted a profit in the first quarter of the current financial year.
“I am pleased to have contributed to its growth by infusing Rs500 crore into the company. This infusion will help bolster our efforts in reviving our grounded planes,” he said.
