SpiceJet quarterly net profit jumps to Rs 105 crore

SpiceJet Ltd reported a 79 per cent rise in quarterly profit on Monday

The airline's net profit climbed to Rs 105.28 crore in the latest September quarter from Rs 58.91 crore in the year-ago period, according to a filing to the stock exchange.

"In the seasonal weak quarter, profits grew by 80 per cent against a capacity growth of 22 per cent during this period as against the same quarter previous year". This is SpiceJet's highest second quarter profit recorded in the history of its operations. SpiceJet reported a 7 per cent increase in its passenger yields while its average load factor across the network was 93.1 per cent. "SpiceJet has recorded more than 90% load factor for 30 successive months".

Its revenue rose 30% at Rs 1,814 crore versus Rs 1,400 crore. This has been yet another great quarter for us and I am very pleased with the exceptional performance of my team.

Shares of the company jumped 4.78 percent to end at Rs 149.10 on BSE.

But as of September 30, the airline's total liabilities exceeded its total assets by Rs 332.68 crore as a result of historical market factors and an ongoing arbitration with its former promoter, the Chennai-based Sun Group.

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