SpiceJet in profits for first quarter despite trying times

Budget carrier SpiceJet on Tuesday reported net profits of Rs.263.42 million for the first quarter of this fiscal, against a loss of Rs.1.29 billion in the like quarter of 2008-09.

Budget carrier SpiceJet on Tuesday reported net profits of Rs.263.42 million for the first quarter of this fiscal, against a loss of Rs.1.29 billion in the like quarter of 2008-09, despite some trying times for the aviation sector.

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The company's total income also registered a 10.55 percent increase at Rs.5.34 billion during the quarter, as against Rs.4.83 billion in the corresponding quarter of the last fiscal, said a regulatory filing with the Bombay Stock Exchange.

The main reason behind the profits, as opposed to losses, was a sharp drop in expenses toward aviation fuel, down by nearly 50 percent at Rs.1.83 billion from Rs.3.10 billion in the corresponding quarter of last year.