Saturday, August 10, 2019

SpiceJet records its highest ever quarterly profit of Rs 262 crore this Q1

New Delhi: SpiceJet recorded its highest ever quarterly profit for the April-June, 2019, period at Rs 261.7 crore, against a loss of Rs 38 crore in same period last year, mainly due to higher fares that airlines levied after the closure of Jet Airways this March. Since the low cost carrier (LCC) inducted several ex-Jet planes and added more flights, it saw its operating revenues rise Rs 3,002.1 crore, up by almost a third from Rs 2,220.4 crore in Q1 last fiscal.
SpiceJet chairman Ajay Singh said the LCC “has been on a spectacular growth journey and this quarter, in particular, has been very special for us. We added 32 aircraft to our fleet expanding at a pace unprecedented… We are happy that we were able to minimise passenger inconvenience by quickly filling the capacity gap created in India’s aviation sector (referring to Jet shutting down). The results would have been vastly better but for the painful grounding of the MAX aircraft. We look forward to their swift return to service in the near future that will help SpiceJet increase its margins and provide a superior level of service.”
The best-ever numbers saw contribution from the Boeing 737 Max which have been grounded globally since mid-March. The LCC saw its other income rise to Rs 143.2 crore this Q1, opposed to Rs 32.9 crore in same period last year with Rs 114.1 crore being recorded as interim compensation from Boeing for SpiceJet’s 13 B737 Max that have been grounded since March 13.
09/08/19 Saurabh Sinha/Times of India
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