SpiceJet flies into black with Rs 102 cr profit in Q3

Moneycontrol Bureau

SpiceJet has reported a whopping Rs 102 crore net profit for the December quarter against Rs 39 crore loss it reported in the year ago period, boosted by improved yields and better fleet optimisation. Sales also improved 37% YoY to Rs 1603 crore, on robust passenger load factors in the holiday season (Oct-Dec)

Shares of the company jumped over 5% to Rs 46.20 after the impressive Q3 earnings announcement.

Yields or earning per passenger grew 29% to Rs 4412 due to higher fares which airlines generally charge to passengers during peak season. The airline also improved its market share to 19.20% from 16.80%,YoY by flying 80% more passengers on seven international routes on its network. On domestic routes too, it performed well at the operating level. Did you read:SpiceJet gets notice for Companies Act violations

Neil Mills, the airline's CEO in a statement said, "In a challenging environment when all airlines are bleeding, SpiceJet has put up a good show by adopting strategies that boosted overall performance."