SpiceJet logs Q3 net profit of Rs 181 crore

SpiceJet logs Q3 net profit  of Rs 181 crore

Low-cost airline SpiceJet on Tuesday reported a net profit of Rs 181.14 crore in the third quarter of 2016-17, the eighth successive profitable quarter for the operator.

The airline said the net profit is “despite a softening of demand” due to demonetisation. This is the eighth consecutive profitable quarter for SpiceJet since its turnaround after December 2014.

“SpiceJet’s dramatic turnaround story has made the world sit up and take notice. Our historic aircraft order signifies the end of the turnaround phase for SpiceJet and marks the beginning of a growth story. This order will help build an even stronger and more profitable airline. We will be relentless in reducing our costs and identifying new avenues for revenue generation,” SpiceJet Chairman and Managing Director Ajay Singh said.

According to the filing in BSE, the airline had Rs 1,642.40 crore as income from operations, while the expenditure was Rs 1520.02 crore. The main expenditure was on aircraft fuel where the airline spend Rs 473.77 crore.

It said the company has accumulated losses of Rs 2246.08 crore as on December 31, 2016, and its total liabilities exceed its total assets by Rs 651.54 crore.

The airline also reported that the company has significantly improved its liquidity position owing the operational, commercial and financial measures implemented in the last seven quarters.

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