SpiceJet posts surprise profit, lifts Indian airline stocks

New Delhi: SpiceJet Ltd , India's second-biggest budget airline, posted an unexpected quarterly profit on Monday that raised hopes of a turnaround in the country's embattled aviation industry, sending airline stocks sharply higher.
Indian carriers, reeling under debt of $20 billion, lost a combined $2 billion last year on high fuel and airport charges and below-cost fares. All but IndiGo, India's top low-fare airline, lost money.
"Coming after five consecutive quarters of losses and making a fairly healthy profit in this quarter shows a turnaround for us," SpiceJet Chief Executive Neil Mills told Reuters in an interview.
30/07/12 Reuters/Business Standard

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Categories: spicejet Jul 2012