SPICEJET Q3 NET PROFIT PLUNGES 77%

SpiceJet reported a massive 77 per cent fall in its net profit at `55 crore owing to higher aviation fuel cost and rupee depreciation. The airline has posted a net profit of `240 crore, company said.

Total income stood at

`2,530.8 crore as against

`2,096.1 crore.

A strong 8 increase in yields helped per cent passenger the airline partially offset record high cost due to 34 per cent increase in crude oil prices and 11 per cent depreciation in rupee.

“Despite the huge cost escalation in ATF (aviation turbine fuel) and exchange rate, SpiceJet has done remarkably well thanks to our superior revenue performance, tight control on other costs. With a strong improvement in the macro cost environment and the increasing induction of the fuel-efficient MAX aircraft, the outlook looks stronger than it has over the past year,” SpiceJet chairman Ajay Singh said.

SpiceJet bagged 36 new sectors under the third face of the Udan and launched 54 new flights including ten under Udan during Q3FY19, it said.