Home / Business / Spice Jet Flies High : Records Rs 73.2 cr Profit In December Quarter

Spice Jet Flies High : Records Rs 73.2 cr Profit In December Quarter

Image : Representational Purpose Only
Image : Representational Purpose Only

Budget carrier SpiceJet posted a net profit of Rs 73.2 crore for the three months ended December.

“Standalone profit from Air Transport Services (airline) was Rs 115 crore. Further, this profit is after a non-cash forex charge on account of Ind AS 116 of Rs 75.9 crore without which the profit would have been Rs 190.9 crore,” the airline said in a release.

Ind AS 116 or Indian Accounting Standard 116 pertains to leases.

In the 2018 December quarter, the carrier recorded a profit of Rs 55.1 crore.

Operational revenue in the latest December quarter climbed 47 percent to Rs 3,647.1 crore. In the year-ago period, the same stood at Rs 2,486.8 crore.

SpiceJet Chairman and Managing Director Ajay Singh said the airline has done remarkably well in the latest quarter, despite a substantial profit hit from the grounding of MAX aircraft.

Last year, Boeing 737 MAX planes were grounded worldwide in the wake of two fatal crashes involving the aircraft.

“We were expecting the MAX to return to service by January 2020 but that hasn’t happened.

“The continued grounding and the delay in its return to service has undoubtedly hit our growth plans adversely and resulted in inefficient operations and increased costs,” Singh said.

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