SpiceJet reports 65% rise in net profit
28 May 2011
New Delhi: Riding on the back of higher load factors and an improvement in air traffic, India's second-largest budget carrier by market share, SpiceJet Ltd, shrugged off a steep rise in fuel cost and reported a 65% jump in net profit for the last financial year on Friday.
Net profit for the year through March surged to Rs101 crore ($22.3 million) from Rs61.5 crore rupees in the previous year, the low cost carrier said.
Sales were up 32% to Rs2,880 crore, from Rs2,181 crore earlier.
SpiceJet spent Rs1,226 crore on fuel cost, up 51% from the previous year.
The airline's load factor, a key performance parameter, was 81%-82% and it carried 30% more passengers last year.