SpiceJet's Q4 net profit plunges 61%

Budget passenger carrier SpiceJet on Saturday reported a decline of 61.40 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17, due to demonetisation and increase in fuel cost.

According to the airline, its Q4 net profit declined to Rs 41.63 crore from Rs 107.87 crore during the like period of 2015-16.

The total income from operations during the period under review, however, rose by 10.22 per cent to Rs 1,625.72 crore from Rs 1,474.99 crore during Q4 of 2015-16.

Besides, the company reported a decline of 4.24 per cent in its standalone net profit for the financial year 2016-17 to Rs 430.7 crore from Rs 449.78 crore during the previous financial year.

However, the airline's total income from operations stood at Rs 6,191.26 crore -- up 21.68 per cent -- from Rs 5,088.07 crore reported during 2015-16.

"Two successive profitable years, a record aircraft order and emerging as India's largest regional operator are testament of the fact that SpiceJet remains firmly on track on its long term growth strategy," said Ajay Singh, Chief Managing Director, SpiceJet.

"SpiceJet continues to invest aggressively in creating capacity in line with forecast. We overcame a complete operational shutdown and placed the biggest order for 205 aircraft in our history."

--IANS

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