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Low-cost carrier SpiceJet has reported a net profit of ₹23.8 crore during the second quarter of the financial year 2015-16 against a net loss of ₹310.4 crore reported during the same quarter in the previous year.
On an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBIDTA) basis, the airline reported a profit of ₹75.2 crore against a loss of ₹239.3 crore in the same quarter in the previous year, the airline said in a statement.
The statement also points out that on an EBIDTA basis, the company reported a profit of ₹244.7 crore against a profit of ₹20.3 crore in the same quarter last year.
“Our third consecutive profitable quarter since we embarked on the revival process, shows that we are on the right track,” the statement quotes Ajay Singh, Chairman and Managing Director as saying.
To overcome the cash crunch problem, on January 15 this year the then SpiceJet board had decided to transfer ownership, management and control of the airline to Ajay Singh, as proposed by principal shareholder and promoter, Kalanithi Maran and KAL Airways.
Kiran Koteshwar, Chief Financial Officer, SpiceJet, said that the airline will continue to add capacity to take advantage of the strong growth in the sector.
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