Spicejet bounces back, posts Rs 102 cr net profit for Q3

Jan 21 2013, 21:20 IST
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SpiceJet earned 1.02 billion rupees ($18.95 million) in October-December. (Reuters) SpiceJet earned 1.02 billion rupees ($18.95 million) in October-December. (Reuters)
SummaryFor the quarter, carrier posted 37 per cent increase in revenue at Rs 1,603 crore.

making it among the highest in the world and acts as the biggest hurdle for the industry's long-term profitability," Mills warned.

During the quarter, the airline recorded 7 per cent growth in number of passengers, while the growth of available seat kilometres rose 18 per cent and the number of departures grew a full 25 per cent.

Its regional operations recorded an 82 per cent growth in the number of passengers, while the departures posted a higher 89 per cent growth.

On revenue from the last week's ultra-low fare scheme, Mills said, they sold 7,05,000 tickets in three days but refused to share the revenue. But, it has been learned that the airline netted a huge Rs 165 crore.

Describing the promo as a tactical one, Mills said he is looking at garnering 20 per cent ticket sales through such promotions.

When sought his fuel outlook, he said it still is a big challenge and in a country like ours every airline has to live with this.

On the much-delayed ATF import, for which SpiceJet was the first to secure a licence last April, Mills said he has been waiting for the past six months or so to clear one last bureaucratic hurdle.

"As and when this one bureaucratic issue is resolved, I can start shipping in ATF from the very next day, as I have all the commercial arrangements, like vendors, shippers, storage facilities, etc already in place," Mills said.

However, Mills did not name any of the partners and the government department where the issue has got stalled.

SpiceJet currently operates over 330 daily flights to 42 domestic cities and seven international destinations -- Dubai, Colombo, Guangzhou, Kabul, Kathmandu, Male and Riyadh.

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SpiceJet swings to quarterly profit, shares rise

(Reuters): Indian budget carrier the Kalanithi Maran-led SpiceJet swung to a quarterly profit on Monday, aided by higher fares, sending its shares up as much as 7.6 percent.

SpiceJet earned 1.02 billion rupees ($18.95 million) in October-December, compared with a net loss of 392.6 million rupees in the year-ago quarter.

SpiceJet said average passenger yields rose 29 percent in the latest quarter, a period that saw Kingfisher Airlines grounding its fleet.

A rise in passenger yields reflects higher airfares.

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