SpiceJet Q3 profit plunges 77% due to higher oil prices, forex losses

The airline's standalone net profit was 550.7 million rupees ($7.74 million) for the quarter ended December, compared with 2.40 billion rupees a year earlier

Budget carrier SpiceJet on Monday reported a massive 77 per cent fall in its net profit at Rs 55 crore owing to higher aviation fuel cost and rupee depreciation.

The Gurugram-based airline had posted a net profit of Rs 240 crore in the year-ago period, the firm said. Total income stood at Rs 2,530.8 crore for the quarter as against Rs 2,096.1 crore in Q3FY18, it said.

A strong 8 per cent increase in passenger yields helped the airline partially offset record high cost due to 34 per cent increase in crude oil prices and 11 percent depreciation