SpiceJet returns to profit after seven quarters

Our Bureau Updated - January 24, 2018 at 12:20 AM.

SpiceJet has reported a net profit of ₹ 22.5 crore for the fourth quarter of 2014-15. During the same quarter last year, the airline had reported a net loss of ₹ 321.5 crore. The airline returns to profitability after seven quarters. The profit in this quarter is the first profitable quarterly performance after 2010.

On an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBIDTA) basis, the airline has reported an operating profit of ₹ 80 crore against an operating loss of ₹ 235 crore during the previous year.

In a statement, the airline has said that the better results include the benefits of renegotiated contracts and settlements, the provisioning for re-delivery expenses and a net gain on insurance claims.

In January this year, the Marans who held over 53 per cent stake in SpiceJet, transferred their entire stake to Ajay Singh, the original founder-director of the airline. Singh has now become the Promoter, Chairman and Managing Director of the airline.

On Thursday, the airline’s stock closed at ₹ 18.90 down 2.58 per cent on the BSE from the previous day’s closing.

Published on May 29, 2015 12:40