SpiceJet announced its eighth successive profitable quarter with a profit of INR 181.1 crore for the quarter ending December 31, 2016, despite a softening of demand due to demonetisation.
The Indian airline reported an operating revenue of INR 1642.4 crore in the quarter. On an EBITDA basis, SpiceJet reported a profit of INR 241.3 crore. On an EBITDAR basis, the Company reported a profit of INR 484.2 crore.
Profits for the quarter were impacted by demonetization and higher fuel prices. Despite this, margins on EBITDAR, EBITDA and EAT basis were 28%, 14%, 11% respectively.
The December quarter saw SpiceJet excelling on all operational parameters emerging as the country’s most punctual airline while continuing to record a load factor of over 90% for 21 months in a row.
This is the eighth consecutive profitable quarter for SpiceJet since its turnaround after December 2014. The airline recorded a load factor of 90.7% for the quarter, the highest in the industry. SpiceJet also showcased remarkable on time performance for the quarter by clocking the highest ranking across all metros.
Ajay Singh, Chairman and Managing Director, said:
“We have reported our eighth successive profitable quarter despite headwinds. SpiceJet’s dramatic turnaround story has made the world sit up and take notice.
“Our historic aircraft order signifies the end of the turnaround phase for SpiceJet and marks the beginning of a growth story. This order will help build an even stronger and more profitable airline. We will be relentless in reducing our costs and identifying new avenues for revenue generation”.