SpiceJet reports 22% jump in Q4 net profit
28 May 2019
Budget carrier SpiceJet has reported a 22 per cent jump in its fiscal fourth-quarter net profit on the back of a surge in the number of passengers following the collapse of top airline Jet Airways.
The grounding of debt-laden Jet Airways has benefited other Indian carriers, including budget airlines SpiceJet and Interglobe Aviation Ltd’s IndiGo, helping them to add flights and open new routes.
“(With) significant improvements in yields and prime slots at key airports, we are confident of a strong performance for FY2020,” chairman and managing director Ajay Singh said in a statement.
SpiceJet said it added 25 aircraft in April and May as Jet started grounding planes at the beginning of the year and was eventually forced to stop operations in April.
On Tuesday, SpiceJet announced plans to add 35 aircraft to its fleet by fiscal 2020. The airline also raised its average fare by 11 per cent while capacity increased 21 per cent during the quarter.
Standalone net profit, excluding earnings of units SpiceJet Merchandise, SpiceJet Technic and Canvin Real Estate, reached Rs56.29 crore in January-March, from Rs46.15 crore in the same period a year earlier.