Moneycontrol Bureau
Shares of SpiceJet soared 13 percent intraday Friday after it turned profitable in March quarter. The low-budget airline company has posted a net profit of Rs 22.5 crore in the quarter ended March 2015 from a loss of Rs 321.5 crore in corresponding quarter last fiscal.
Profit was boosted by exceptional gain of Rs 61.35 crore due to insurance claims received for one of its damaged Bombardier Q400 aircraft. However, the airline company’s total income plunged 50 percent.
The airline ended the quarter with a load factor of 81 percent.
“The company, which changed hands during the quarter and is now under its original Founder-Director and now Promoter, Chairman, and Managing Director Ajay Singh, has focused on restoring operational reliability and winning back customer confidence to boost revenues, while negotiating settlements and re-negotiating several major contracts to bring down costs,” the company said.
At 13:54 hrs SpiceJet was at Rs 20.30, up Rs 1.40, or 7.41 percent on the BSE.
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