New Delhi, July 30:
Low-cost airline SpiceJet has reported a profit after tax of Rs 56.15 crore for the quarter ended June 30.
The airline had reported a loss of Rs 71.96 crore for the same quarter last year.
In a statement, the airline said that revenue for the first quarter ended June 30, increased by 51 per cent to Rs 1,407 crore compared with Rs 931 crore, previously.
The average revenue per passenger in the quarter under review increased 24 per cent to Rs 4,068 from Rs 3,283 in the last quarter.
The airline said though the load factors and yields have been holding firm, the high cost of operations influenced by a weak rupee prevented the company from posting better results.
“The company’s operating results have been materially affected by various factors, particularly high aircraft fuel costs, significant depreciation in the value of the currency and general economic slowdown,” it said in a statement to the stock market.
SpiceJet has also been implementing various measures, such as fare and route rationalisation, optimising aircraft utilisation, improving operational efficiencies, renegotiating of contracts and other cost control measures, to improve operating results and cash flow.
In addition, it is exploring options to raise finance to meet its long- and short-term obligations with the promoters infusing additional capital in the current quarter.
The airline, which has a market share of 18.6 per cent in the domestic market, currently operates more than 300 daily flights to 37 Indian cities and three international destinations
http://www.thehindubusinessline.com/todays-paper/tp-corporate/article3704821.ece
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