Airlines, Spice Jet

SpiceJet reports 16 per cent rise in Q1 net profit

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No-frills private domestic carrier SpiceJet’s consolidated net profit jumped 16 per cent to Rs 172.67 crore in the quarter ended June 30, staying in profit for the tenth quarter in a row.
SpiceJet’s net profit was Rs 149.03 crore in the same period a year ago. The airline’s total income in the first quarter of the current financial year rose to Rs 1,889.70 crore from Rs 1,543.96 crore in the year-ago period, according to a stock exchange filing.
The airline’s total expenses went up to Rs 1,717.03 crore.
“Ten successive profitable quarters, a record aircraft order and exploring new growth avenues through the UDAN programme-SpiceJet remains firmly on track for its long term growth strategy,” the airline’s CMD Ajay Singh said in a release.
The airline plans to add around six Boeing 737 Next Generation aircraft during the third and fourth quarters, besides adding two more Bombardier Q400 planes.
In the current quarter, SpiceJet said it would start services to Kanpur, Adampur and Jaisalmer under the UDAN scheme. Under first phase of UDAN -the government’s initiative to connect un-served and under-served airports at affordable ticket prices-the airline was awarded 11 routes.

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