Sunday, January 20, 2013

SpiceJet swings to quarterly profit

New Delhi:  India's No. 2 budget carrier SpiceJet swung to a quarterly profit at the end of 2012, helped by higher fares in a market with reduced capacity, and said it would target a bigger slice of revenue from international flights in the future.
SpiceJet said on Monday it 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. The news sent its shares up as much as 7.6 percent.
"Now international revenue is 7 percent of our total. We would like to grow that to about 20 percent over the next 18-24 months," Chief Executive Neil Mills told Reuters.
SpiceJet currently flies to 42 local destinations and 7 foreign destinations.
21/01/13 Reuters/CNBC