Wednesday 26 February 2020
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business-standard - 12 days ago

SpiceJet reports Rs 73.2 cr profit in Dec quarter

Budget carrier SpiceJet on Friday posted a net profit of Rs 73.2 crore for the three months ended December. Standalone profit from Air Transport Services (airline) was Rs 115 crore. Further, this profit is after a non-cash forex charge on account of Ind AS 116 of Rs 75.9 crore without which the profit would have been Rs 190.9 crore, the airline said in a release. Ind AS 116 or Indian Accounting Standard 116 pertains to leases. In the 2018 December quarter, the carrier recorded a profit of Rs 55.1 crore. Operational revenue in the latest December quarter climbed 47 per cent to Rs 3,647.1 crore. In the year-ago period, the same stood at Rs 2,486.8 crore. SpiceJet Chairman and Managing Director Ajay Singh said the airline has done remarkably well in the latest quarter, despite a substantial profit hit from the grounding of MAX aircraft. Last year, Boeing 737 MAX planes were grounded worldwide in the wake of two fatal crashes involving the aircraft. We were expecting the MAX to return .

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