MUM­BAI:

The Pak Banker - - COMPANIES/BOSS -

SpiceJet Ltd, In­dia's se­cond largest low-fare air­line, on Fri­day re­ported a fourth con­sec­u­tive quar­terly profit for the three months ended 31 De­cem­ber as it man­aged to fill more seats and ben­e­fited from cheaper fuel. Beat­ing es­ti­mates, SpiceJet posted a net profit of Rs238.39 crore in the quar­ter, against a net loss of Rs275.02 crore in the year­ago pe­riod. It's the high­est profit ever posted by Spicejet. Rev­enue rose 11.34% to Rs1,459.95 crore for the quar­ter from Rs1,311.17 crore a year ear­lier. SpceJet's earn­ings beat es­ti­mates in a Bloomberg an­a­lyst poll. The com­pany had been ex­pected to post a net profit of Rs104.60 crore on net sales of Rs1,362.40 crore.

The De­cem­ber quar­ter is the peak sea­son for air­lines be­cause of travel dur­ing fes­ti­vals and year-end hol­i­days that fall in the pe­riod. SpiceJet's jet fuel ex­penses fell by 34.80% to Rs366.63 crore be­cause of a slump in the price of crude oil. On Fri­day, shares of SpiceJet ended at Rs70.85% on the BSE, down 5.03% from the pre­vi­ous close, while the bench­mark Sen­sex rose 2% to close at 24,435.66 points. On Thurs­day, ri­val In­terGlobe Avi­a­tion Ltd, the owner of In­dia's largest and most prof­itable air­line IndiGo, said third-quar­ter profit rose 24% be­cause of cheaper fuel and buoy­ant de­mand for travel on lo­cal routes. In­terGlobe Avi­a­tion, in its first earn­ing an­nounce­ment since its stock-mar­ket list­ing in De­cem­ber, said net profit rose to Rs657.28 crore for the three months ended 31 De­cem­ber from Rs531.56 crore in the year-ear­lier pe­riod, beat­ing an­a­lysts' es­ti­mates. IndiGo also re­ported the high­est quar­terly profit be­fore tax since its in­cep­tion.

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