SpiceJet’s net profit more than tripled to Rs 73.19 crore in the three months to March as higher income from operations helped the no-frills carrier remain profitable for the fifth straight quarter.
The carrier had a net profit of Rs 22.52 crore in the year-ago period.
In a release, SpiceJet said net profit stood at Rs 73.19 crore after taking a “one-time expense of Rs 173 crore towards stabilising and improving the reliability of its fleet”.
SpiceJet chairman and managing director Ajay Singh said that by taking the one-time expense, the airline has now “accounted for all legacy issues and are ready to start on a clean slate with even greater confidence”.
During the latest March quarter, the airline’s total income from operations climbed to Rs 1,474.99 crore from Rs 790.91 crore in the same period a year ago.
“This is the fifth consecutive quarter for SpiceJet since the challenges faced in December 2014. The airline has been recording load factors of over 90% consistently over the last 11 months which is the highest in the industry,” the release said.
Operations have stabilised with on-time performance at around 90% and cancellations rates being the lowest in the industry, it added.
{{/usCountry}}Operations have stabilised with on-time performance at around 90% and cancellations rates being the lowest in the industry, it added.
{{/usCountry}}In the 2016 March quarter, the carrier’s total expenses went up to Rs 1,460.39 crore from Rs 888.83 crore in the year-ago period.
For the financial year 2015-16, SpiceJet saw its net profit surging to Rs 407.19 crore against a net loss of Rs 687.05 crore in 2014-15 fiscal.
“We had inherited a deeply stressed company last year. We are delighted that we have made significant progress both financially and operationally, and have significantly strengthened our balance sheet,” Singh said.