SpiceJet swings to net profit of Rs1.02bn in Q3

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Indian low-cost carrier SpiceJet swung to a net profit of Rs1.02 billion ($19 million) in the fiscal third quarter, from a net loss of Rs392.6 million in the same period of the previous year.

The airline posted a 37% year-on-year increase in revenue to Rs16 billion for the quarter ended December, up from Rs11.7 billion.

The carrier reported an operating profit of Rs1.18 billion, a reversal of its operating loss of Rs315.9 million in the same period of the previous year. Its total expenses for the quarter increased by 23% year on year to Rs14.9 billion.

The carrier recorded 7% growth in passenger numbers, against a capacity increase of 18% for the quarter ended 31 December.

For the nine months ended 31 December, SpiceJet narrowed its net loss to Rs53.6 million from Rs3.57 billion a year ago.

SpiceJet swung to an operating profit of Rs425 million, from an operating loss of Rs3 billion a year ago, while its total expenses stood at Rs42 billion.