SpiceJet's Q4 standalone net profit up 11%

Mumbai, May 12 (IANS) Budget passenger carrier SpiceJet on Friday reported a rise of 10.83 per cent in its net profit for the quarter ended March 31, 2018.

According to the airline, the standalone net profit during the quarter under review increased to Rs 46.15 crore from Rs 41.64 crore reported for the corresponding period of 2016-17.

However, the low-cost carrier's total income grew by 24.92 per cent to Rs 2,090.74 crore for the quarter ended March 2018 compared to Rs 1,673.61 crore earned during the same period of previous fiscal.

"Despite rising fuel prices, SpiceJet continues to record profits and has recorded the highest annual profit in its history," SpiceJet's CMD Ajay Singh was quoted as saying in a statement. 

"With the fuel efficient B737 MAX joining our fleet in the coming months we will continue to expand at home and abroad and strive to improve profitability and operating performance."

The statement said that in Q4, "there was an increase of 12.7 per cent in crude oil prices that impacted the bottom line by approximately Rs 81.4 crore. The company registered an 8 per cent increase in yield which helped in maintaining operational profits".

"In terms of operational parameters, SpiceJet had the best passenger load factor amongst all airlines in the country during the quarter and the year. The average domestic load factor for the quarter was 95.4 per cent, and for the year 94.7 per cent," the statement said.

Besides, the company reported a rise of 31.56 per cent in its standalone net profit for the financial year ended March 31, 2018 which increased to Rs 566.66 crore from Rs 430.72 crore reported for the previous corresponding period.