For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SpiceJet Reports Q3 Profit At Rs 73.2 Crore

By Staff
|

On Friday, budget airline SpiceJet posted a net profit of Rs 73.2 crore for the December-ended quarter.

"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 carrier said in a release.

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

SpiceJet Reports Q3 Profit At Rs 73.2 Crore
 

In the same period of the previous year, the airline recorded a profit of Rs 55.1 crore.

Operational revenue for the October-December period rose by 47 percent to Rs 3,647.1 crore from Rs 2,486.8 crore, a year ago.

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.

SpiceJet is the only Indian carrier with MAX aircraft in its fleet and it had to ground 13 such planes in March last year.

The management expects the airline to grow profitably while maintaining tight control over costs.

With inputs from PTI

Read more about: spicejet
Story first published: Friday, February 14, 2020, 16:32 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more