Monday, June 05, 2017

SpiceJet completes turnaround with Rs4.3b net profit in FY2016

SpiceJet recorded an operating profit of Rs3.88 billion ($60.3 million) for the year ended 31 March 2017, a marginal increase of 0.7% against the previous corresponding period.

Total revenue for the 12 months came in at Rs63 billion, a 20.3% increase from the previous financial year. Expenses was also up by 21.8% to Rs59.1 billion.

Net profit for the year was at Rs4.27 billion, down 5% from Rs4.5 billion for the same period last year.

SpiceJet notes that "demonetisation resulted in significant decline in yield in Q3 and Q4 2017".

During the fiscal fourth quarter, SpiceJet recorded an operating profit of Rs416 million, down 5.8% in the same period last year. Revenue came in at Rs16.7 billion, up 10.3% from the Q4 2016.

Net profit for the three-month period came in at Rs416 million, down from Rs1.07 billion against the previous corresponding period.

The results also sees SpiceJet recording a ninth consecutive quarterly net profit.

SpiceJet completes turnaround with Rs4.3b net profit in FY2016.
05/06/17 FLightGlobal

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