Friday, May 11, 2018

Record load factor helps Spicejet log in 11 pc rise in net profit

Mumbai: A record 95.4 per cent load factor boosted Spicejet's profit by 11 per cent at Rs 46.1 crore for the three months to March, making it the 13th consecutive profitable quarter for the second largest no-frills carrier.

For the full year to March, the airline reported a 32 per cent jump in profit at Rs 566.7 crore, which is the highest-ever annual profit in its history and the third profitable full year in a row for the 13-year-old carrier.

In FY17 it had reported Rs 430.7 crore net income while in the year before it was a low Rs 41.6 crore, the Ajay Singh-run airline said in a statement, adding for the full year, its revenue clipped past 26 per cent to Rs 7,795.1 crore.

For the reporting quarter, its net sales clipped past 25 per cent to Rs 2,029.3 crore as its load factor jumped to a record 95.4 per cent, helping improve the passenger yields or revenue per seat kilometers by 9 per cent. For the full year, the seat factor stood at 94.7 per cent-making it the 35th months of over 90 per cent load factor in a row.

Commenting on the performance of the quarter which is traditionally a lean season for the industry and for the full year, airline chairman and managing director Ajay Singh said, "despite rising fuel prices, which rose 12.7 per cent, we could remain profitable with record profit and the highest annual profit in our history."
11/05/18 PTI/Deccan Chronicle