SpiceJet FY11 net up 64% to Rs 101.2 cr

With help from growth in passenger numbers, SpiceJet declared an annual profit of Rs 101.2 crore during FY11, an increase of 64.55%, as compared to net profit of Rs 61.5 crore during the previous financial year.

The low-cost carrier saw a 30% increase in passenger carried during the 2011 fiscal, whereas the total domestic air traffic increased only by 19%.

The airline’s market share increased from 13.3% in 2011 fiscal from 12.3% during the 2010 fiscal.

Riding high on the numbers, the airline has massive expansion plans for the 2012 fiscal.

“We are now in a phase of rapid expansion and are looking at an aggressive addition to our fleet in the next ears. The most interesting development will be the start of our Q400 turbo-prop operations which is currently planned for the month of July and we are confident that this will take us to the next level of growth,” SpiceJet Chief Executive Officer Neil Mills was quoted in a release sent from the airline.