 "SpiceJet surges on robust Q3 results")
SpiceJet has surged 13% to Rs 80.40 on the BSE in early morning trade after the company reported net profit at Rs 238 crore for the quarter ended December 2015 (Q3FY16) against a loss of Rs 275 crore in the year ago quarter. This is the fourth straight profitable quarter for SpiceJet, on the back of low fuel prices.
Total revenue went up 11% to Rs 1,460 crore against Rs 1,311 crore in the same period last year.
On earnings before interest, tax, depreciation and amortization (EBITDA) basis, SpiceJet reported a profit of Rs 292 crore against a loss of Rs 195 crore in the same quarter last year, the company said in a release.
The fuel cost per available seat kilometer (ASKM) for the quarter has declined to 1.07 from 1.59 last year, a decline of 33%.
“SpiceJet was back to near normal operations this quarter. While the margins remain slightly depressed due to wet lease operations, the Chennai floods and exchange losses, we are happy with the progress we have made so far,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
“The company will continue to work on reducing legacy cost and increasing efficiency,” he added.
Total revenue went up 11% to Rs 1,460 crore against Rs 1,311 crore in the same period last year.
On earnings before interest, tax, depreciation and amortization (EBITDA) basis, SpiceJet reported a profit of Rs 292 crore against a loss of Rs 195 crore in the same quarter last year, the company said in a release.
The fuel cost per available seat kilometer (ASKM) for the quarter has declined to 1.07 from 1.59 last year, a decline of 33%.
“SpiceJet was back to near normal operations this quarter. While the margins remain slightly depressed due to wet lease operations, the Chennai floods and exchange losses, we are happy with the progress we have made so far,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
“The company will continue to work on reducing legacy cost and increasing efficiency,” he added.
At 09:21 a.m. the stock was up 9% at Rs 77 on the BSE. Around 6.79 million shares changed hands on the counter on the BSE so far.
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