SpiceJet in focus after Q2 earnings

SpiceJet reported net profit of Rs 23.77 crore in Q2 September 2015 as against net loss of Rs 310.45 crore in Q2 September 2014. Net sales declined 27.37% to Rs 1029.12 crore in Q2 September 2015 over Q2 September 2014. The result was announced on Thursday, 12 November 2015.

On an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) basis, SpiceJet reported a profit of Rs 75.2 crore in Q2 September 2015 against a loss of Rs.239.3 crore in Q2 September 2014. On an EBITDAR (earnings before interest, taxes, depreciation, amortization and rent/restructuring costs) basis, the company reported a profit of Rs 244.70 crore in Q2 September 2015 against a profit of Rs 20.30 crore in Q2 September 2014. These results reflect a restructuring gain of Rs 65 crore and a currency re-evaluation loss of Rs 23 crore, the company said.

This is the third consecutive profitable quarter for SpiceJet. The airline recorded a load factor of 92.8% for the quarter, the highest in the industry. This load factor reflects an increase of 12% over the same period last year, the company added.

Jet Airways (India) announced on Thursday, 12 November 2015, that it will upgrade its daily flights between Delhi and Singapore to an Airbus A330 aircraft, effective 25 November 2015. This will enable guests on this high demand sector to experience enhanced cabin comfort on board the wide-body aircraft, while offering convenient connections for those travelling from India to Australia and the ASEAN region over Singapore on codeshare and Interline partner airlines. The upgraded service will offer 50% more seat capacity than the Boeing 737 currently operating on this route, the company said.

National Aluminium Company (Nalco)'s net profit fell 33.78% to Rs 226.14 crore on 10.31% decline in total income to Rs 1,941.11 crore in Q2 September 2015 over Q2 September 2014. The result was announced on Thursday, 12 November 2015.

Indiabulls Housing Finance announced on Wednesday, 11 November 2015, that it has acquired 39.76% stake in UK-based OakNorth Bank for $100 million (Rs 660 crore), making it the lender's biggest shareholder and aiding its expansion into new business areas overseas.

NHPC announced on Thursday, 12 November 2015, that unit No. 2 and 3 of Chutak power station are completely shut down due to certain technical reasons since 25 October 2015 and 31 October 2015 respectively.

Pochiraju Industries announced on Thursday, 12 November 2015, that its board of directors has reviewed the progress of the agri division, bio pharma division and pharma divisions of the company. The operations of both the divisions are going slow due to the financial constraints the company is going presently and also due to the recovery proceedings undertaken by PNB.

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