SpiceJet reports net profit of Rs 175 crore for Q1 2017

SpiceJet reports net profit of Rs 175 crore for Q1 2017

August 10, 2017: SpiceJet reported a net profit of Rs 175 crore for the three months ended June 30, 2017 as against Rs 149 crore in the same quarter last year. This marks the tenth successive profitable quarter for the airline as the profits grew by 18 percent during this period.

Operating revenues were Rs 1869 crore for the said quarter as against Rs 1521 crore for the same quarter last year. On an EBITDA basis, SpiceJet reported a profit of Rs 248 crore as against Rs 215 crore in the same quarter last year.

"Ten successive profitable quarters, a record aircraft order and exploring new growth avenues through the UDAN program -  SpiceJet remains firmly on track for its long term growth strategy," said Ajay Singh, CMD, SpiceJet.

In terms of operational parameters, the airline said it has performed well in the quarter with the airline clocking industry leading numbers of over 93 percent passenger load factor during all three months. The company said in a press release that it has witnessed a 9 percent increase in its passenger yields while its average load factor was 94.07 percent. SpiceJet has recorded more than 90 percent load factor for 27 successive months, the release further added.