SPICEJET have reported a quarterly profit of INR 46.1 crore for the traditionally weak quarter ended March 31, 2018, making it the 13th successive profitable quarter for the airline.
Net profit for FY 2018 stood at INR 566.7 crore, making this the third successive year of profitable growth. For the previous fiscal 2017, these were INR 41.6 crore and INR 430.7 crore respectively.
Operating revenues were at INR 2,029.3 crore for the reported quarter and INR 7,795.1 crore for fiscal 2018. On an EBITDA basis, profit is INR 131 crore for the reported quarter and INR 890.1 crore for fiscal 2018. On an EBITDAR basis, the profit is INR 429 crore for the reported quarter and INR 1927 crore for fiscal 2018.
“Despite rising fuel prices, SpiceJet continues to record profits and has recorded the highest annual profit in its history. 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,” said Ajay Singh, CMD, SpiceJet.
“SpiceJet, this month, celebrates 13 years of an incredible journey. From scripting one of the biggest aviation turnarounds to three successive profitable years, record aircraft orders, industry’s highest load factor, high on-time performance, the airline has indeed come a long way and emerged as the country’s largest regional operator. I am very pleased with the exceptional performance of my team,” he said.
The airline’s record of profitable growth comes on the back of its continued focus on nurturing a healthy growth rate in its passenger traffic by adding capacitates on its existing routes while identifying new destinations with pent-up demand across the country. The company has demonstrated a strong revenue performance backed by an increase in yield and record load factor and as a result could absorb the significant rise in fuel costs.