SpiceJet posts net profit of Rs 22.51 crore

SpiceJet posts net profit of  Rs 22.51 crore

SpiceJet seems to be coming out of the woods with the low-cost carrier  reporting a net profit of Rs 22.5 crore in the January-March 2015 quarter, the first in the last seven quarters.

This figure is against the net loss of Rs 321.5 crore reported for the same quarter in 2014. On an EBITDA basis, SpiceJet reported a positive Rs 80 crore, against a negative Rs 235 crore, the previous year.

The numbers above include the benefit of renegotiated contracts and settlements, the provisioning for re-delivery expenses, and a net gain on an insurance claim, an airline statement said.

For the whole year, the net loss is Rs 687.05 crore in 2014-15 as against Rs 1,003.24 crore in 2013-14, according to the annual statement filed by the airline in the BSE.

The audit report noted that the airline has accumulated losses of Rs 3,210.80 crore and its total liabilities exceed its total assets by Rs 1,264.52 crore.

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