Spice Jet net at Rs 18 crore

CORPORATE SCORECARD

Low-cost carrier Spice Jet was back in the black with a net profit of Rs 18.5 crore for the quarter ended June 30 compared with a net loss of Rs 3.4 crore during the corresponding period last year.

The turnaround was a result of higher other income fuelled by foreign exchange gains and returns on sales and leaseback. Total income for the period grew 77 per cent to Rs 311 crore from Rs 176 crore.

The company also announced that former chairman Siddhanta Sharma would be taking over as executive chairman.

"The company's profit has been triggered among other things through our sale and leaseback operations," said Sharma. The company gained Rs 12.7 crore through the sale of two aircraft.

"The positive result has been achieved due to capacity addition and constant focus on cost. We will keep our focus on profitable growth through continuous cost reduction, improved yield and focus on ancillary revenue," said Partha Basu, chief financial officer, Spice Jet. The company, which has a fleet of 12 Boeing aircraft, will be adding another seven, taking the capacity to 19.