SpiceJet slips on 67% sequential drop in profit

However, the company posted a profit in this quarter versus a net loss of Rs 334 crore reported in the year-ago period

Shares of low cost airline SpiceJet have dipped 4% to Rs 48 on the BSE after the company reported 67% sequential drop in the quarterly profit at Rs 24 crore in the September quarter as against Rs 72 crore in the June quarter.

However, the company posted a profit in this quarter versus a net loss of Rs 334 crore reported for the corresponding quarter last year.

The revenue for this quarter stood at Rs 1,040 crore in July-September on the back of 34% reduction in capacity as against a revenue of Rs 1,449 crore in the year-ago quarter.

Meanwhile, the overall expenses dropped by 38% and fuel costs slumped 57% on a steep decline in jet fuel prices and reduced capacity. The net profit was also helped by a 2.5 times increase in other income at Rs 72 crore.

 

The stock opened at Rs 48 and touched a low of Rs 47 on the BSE. A total of 10,025,975 shares changed hands on the BSE