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Budget airline SpiceJet Ltd reported a fiscal fourth-quarter profit of Rs.73.2 crore after taking a one-time expense of Rs.173 crore “towards stabilising and improving the reliability of its fleet”.
The company had reported a profit of Rs.22.52 crore in the year-earlier quarter. Revenue rose 86% to Rs.1,475 crore in the three months ended 31 March from Rs.791 crore a year earlier.
Profit could have exceeded Rs.200 crore for the quarter had the company not taken the one-time expense, the airline said.
For the year ended 31 March, SpiceJet swung to a record profit of Rs.407 crore as it benefited from a steep fall in jet fuel costs and operational stability.
It had posted a loss of Rs.687.05 crore in the previous year and was on the verge of shutting down after a severe cash crunch, prompting a change in management.
“We had inherited a deeply distressed company last year,” said Ajay Singh, chairman and managing director of SpiceJet. “By taking the one-time expense, we have now accounted for all legacy issues and are ready to start on a clean slate with even greater confidence.”
Total costs fell to Rs.4,773.50 crore in the year ended 31 March from Rs.5,986.37 crore in the previous year, mainly on account of cheaper fuel. Fuel expenses dropped to Rs.1,391.95 crore from Rs 2,409.62 crore in the year earlier.
SpiceJet posts Rs73 crore profit in March quarter - Livemint
The company had reported a profit of Rs.22.52 crore in the year-earlier quarter. Revenue rose 86% to Rs.1,475 crore in the three months ended 31 March from Rs.791 crore a year earlier.
Profit could have exceeded Rs.200 crore for the quarter had the company not taken the one-time expense, the airline said.
For the year ended 31 March, SpiceJet swung to a record profit of Rs.407 crore as it benefited from a steep fall in jet fuel costs and operational stability.
It had posted a loss of Rs.687.05 crore in the previous year and was on the verge of shutting down after a severe cash crunch, prompting a change in management.
“We had inherited a deeply distressed company last year,” said Ajay Singh, chairman and managing director of SpiceJet. “By taking the one-time expense, we have now accounted for all legacy issues and are ready to start on a clean slate with even greater confidence.”
Total costs fell to Rs.4,773.50 crore in the year ended 31 March from Rs.5,986.37 crore in the previous year, mainly on account of cheaper fuel. Fuel expenses dropped to Rs.1,391.95 crore from Rs 2,409.62 crore in the year earlier.
SpiceJet posts Rs73 crore profit in March quarter - Livemint
