SpiceJet Q3 net plunges 77%

MUMBAI: Budget carrier SpiceJet on Monday reported a massive 77 percent fall in its net profit at Rs 55 crore owing to higher aviation fuel cost and rupee depreciation. The Gurugram-based airline had posted a net profit of Rs 240 crore in the year-ago period, a company statement said. Total income stood at Rs 2,530.8 crore for the quarter as against Rs 2,096.1 crore in Q3FY18, it said. A strong 8 percent increase in passenger yields helped the airline partially offset record high cost due to 34 percent increase in crude oil prices and 11 percent 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.