Spicejet bounces back; posts Rs 102 cr profit for Q3

Low-cost carrier SpiceJet on Monday reported a net profit of Rs 102 crore (Rs 1.02 billion) for the third quarter ended December, 2012 mainly helped by more international flights and relatively lower fuel expenses.

The Chennai-based airline promoted by Kalanithi Maran had reported a net loss of Rs 39.26 crore (Rs 392.6 million) in the same period the prior year.

For the October-December quarter, the carrier posted 37 per cent increase in revenue at Rs 1,603 crore (Rs 16.03 billion) compared to Rs 1,173 crore (Rs 11.73 billion), SpiceJet said in a filing to the Bombay Stock Exchange.

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The average passenger yields during the reporting quarter increased 29 per cent, while the number of passengers carried rose by 7 per cent.

Following the results, shares of the company jumped 5.92 per cent to Rs 46.55 on the BSE during afternoon trade.

With better fleet optimisation, an altered route mix and higher yields, fuel cost as a proportion fell to 45 per cent of the total revenue in the current quarter as against 50 per cent in the comparable quarter for the previous year, the company said.

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"To announce a profit of Rs 102 crore (Rs 1.02 billion) for the third quarter in the current challenging environment is a huge achievement and clearly demonstrates that the strategic changes SpiceJet have made in the last two years has created a platform for future success of the company," CEO, Neil Mills said.