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SpiceJet rallies as Q1 earnings beat analyst expectations

The company's market share increased to 18.6% by June 30, 2012 from 17.1% in March 31, 2012

Read more on:    Spicejet | Jet Airways | Kingfisher Airlines
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has rallied 17% to Rs 29.40 on reporting a net profit of Rs 56 crore for the quarter ended June 2012, after five successive quarters of losses. Analyst, on an average, expected loss of Rs 28 crore for the quarter. The private airliners had a net loss of Rs 71 crore in a year ago quarter.

“Total operational income surged 55% at Rs 1,467 crore for Q1 FY13 over the previous year. The company saw growth in passenger traffic and a further increase in market share to 18.6% by June 30, 2012 from 17.1% in March 31, 2012,” SpiceJet said in a filing.

Though the load factors and yields have been holding firm, the high cost of operations influenced by a weak Indian rupee prevented the company from posting even better results, it added.

The stock opened at Rs 25.30 and hit a high of Rs 29.40 on the Bombay Stock Exchange. The counter have seen huge trading activities, with 9.86 million shares changing hands so far, against an average 3.9 million shares that were traded daily in past two weeks.

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