SpiceJet net profit rises 32% in Q3FY18 to Rs 240 crore; shares up 6% on Sensex
After announcing yet another profitable quarter, SpiceJet now plans to add more Boeing 737 and Bombardier Q400 aircraft to its existing fleet.
Low-cost airline, SpiceJet on Wednesday announced its financial results for the quarter ended December 31, 2017. The company has earned a net profit of Rs 239.9 crore during the third quarter of this fiscal.
This was a 32% rise in net profit from the previous year. In December 2016, SpiceJet reported a net profit of Rs 181 crore for Q3 FY17.
“The strong quarterly results were aided by a higher passenger load factor and a healthy increase in passenger yields despite a substantial rise of 17% in crude oil prices, a one-time expense of Rs 25 crores and an inflationary increase of 3% in other costs. The company witnessed a 14% increase in its passenger yields (Revenue per Available Seat Kilometer), while its average domestic load factor was 95%. SpiceJet has recorded more than 90% load factor for 33 successive months, a feat unparalleled globally,” the company said in a BSE filing.
Shares of the Ajay Singh-led company soared on the BSE Sensex intraday. Its shares were trading up 6.46% or 8.35 points to Rs 137.70 apiece as the company announced its results.
Total comprehensive income of the company stood at Rs 241 crore, which also beat analyst estimates. Its revenue was up 26% at Rs 208 crore.
SpiceJet said it had registered an operating revenue of Rs 2,081.95 crore in the quarter.
“Twelve successive profitable quarters, record aircraft orders, industry’s best load factor, high on-time performance and constantly exploring new growth avenues – SpiceJet remains firmly on track on its long term growth strategy. This has been yet another great quarter for us and I am very pleased with the exceptional performance of my team,” Ajay Singh – CMD, SpiceJet said.
The company also said that before December 2018, SpiceJet plans to add 12-15 Boeing 737 aircraft and 6-9 Bombardier Q400 aircraft to its existing fleet of 38 Boeing and 22 Bombardier Q400 aircraft.