InterGlobe Aviation Ltd, owner of India’s biggest airline by market share IndiGo, said its third-quarter profit slumped 75 percent, dragged down by higher crude prices and intense competition.
Its net profit was 1.91 billion rupees ($26.79 million) in the three months ended Dec. 31, compared with 7.62 billion rupees a year earlier, the company said.
Indian airlines had a rough year in 2018, plagued with higher crude prices and a weak rupee. Competition intensified to the extent that rival Jet Airways Ltd has been left discussing a restructuring plan with its lenders.
InterGlobe posted a quarterly loss three months ago, its first since debuting on the stock market in 2015.
23/01/19 Reuters
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Its net profit was 1.91 billion rupees ($26.79 million) in the three months ended Dec. 31, compared with 7.62 billion rupees a year earlier, the company said.
Indian airlines had a rough year in 2018, plagued with higher crude prices and a weak rupee. Competition intensified to the extent that rival Jet Airways Ltd has been left discussing a restructuring plan with its lenders.
InterGlobe posted a quarterly loss three months ago, its first since debuting on the stock market in 2015.
23/01/19 Reuters
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