Friday, February 14, 2020

SpiceJet reports ₹73-crore profit for the December quarter

SpiceJet has reported a net profit of ₹73.2 crore for the quarter ended December 31 as against a net profit of ₹55.1 crore reported during the same period previously.

In a statement, the airline said the results have been achieved despite odds that the airline is facing in terms of additional costs incurred because of the continued grounding of its 737 MAX aircraft.
The statement adds that it has received an interim offer of compensation from Boeing for the grounding of the MAX 737.

In a statement, the airline said that its standalone profit from Air Transport Services (airlines) was ₹ 115 crore. Air Transport Services includes passenger transport and ancillary cargo operations from passenger aircraft operations.

“From this quarter onwards, the airline will declare its freighter and passenger segments separately in its standalone results. This is because the two segments are different from an operating and management point of view and now even the freighter business has assumed materiality,” Kiran Koteshear, Chief Financial Officer, SpiceJet, said. The latest figures show the airline’s earning of ₹3,590.80 crore from Air Transport Services as against ₹56.32 crore from freighter and logistics services in the quarter ended December last year.
14/02/20 Business Line
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