SpiceJet Q3 results: Airline posts Rs 73 crore profit
On Friday, budget carrier SpiceJet reported its Q3 net profits of Rs 73.2 crores. So then, this remained for the three months ended December. Besides, this profit came up after a non-cash forex charge on account of Ind AS 116 of Rs 75.9 crores. Moreover, the profit would have stood at Rs 149.1 crores without the non-cash forex charge.
Besides, Ind AS 116 or Indian Accounting Standard 116 concerns about leases. Also, in the 2018 December quarter, the carrier had recorded a profit of Rs 55.1 crores.
However, its operational revenue in the latest Dec quarter hiked to 47% at Rs 3,647.1 crores. Moreover, in the year-ago period, the same stood at Rs 2,486.8 crores.
Despite this, the Chairman, Mr. Ajay Singh stated the airline has performed remarkably well in the quarter. Also, a substantial profit hit from the grounding of MAX aircraft.
Besides, last, Boeing 737 MAX planes remained grounded worldwide in the wake of two fatal crashes involving the aircraft.
So then, Mr. Singh continued that they had expected the MAX to return to service by Jan 2020. However, that did not happen, he added. Also, the continued grounding and the delay in its return to service have hit their growth plans, Mr. Singh said.
Significantly, SpiceJet exists as the only domestic carrier having MAX aircraft in its fleet. So then, the budget airline grounded 13 such planes in March last year.
Also, Mr. Singh said that the airline expects to grow profitably. While maintaining tight control over costs.