SpiceJet's Q4 net profit plunges 61%

Spicejet Ltd reported an over 50% drop in its standalone net profit for the quarter ended March 31, 2017 on June 3, 2017. Total income for Spicejet in the fourth quarter grew to Rs 16736.06 crore as against Rs 15175.52 crore in fourth quarter of year previous to last. Spicejet said, "On an EBITDA basis, profit is Rs 111.2 crore for the reported quarter and Rs 694.4 crore for the fiscal 2017." The company said that its net profit for the given quarter stood at Rs 41.6 crore as against Rs 107.87 crore in the same period of last year. Total expenses too rose from Rs 14733.69 crore to Rs 16319.6 crore with employee benefit scheme rising to Rs 1836.68 crore from 1334.44 crore in the given period.


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SpiceJet reports 43% fall in net profit in Q4FY17

"The historic order ends the turnaround phase for SpiceJet and marks the beginning of a growth story, which will see the airline expand its wings - both within and outside the country," the airline said. "Two successive profitable years, a record aircraft order and emerging as India's largest regional operator are testament of the fact that SpiceJet remains firmly on track on its long-term growth strategy," SpiceJet Chairman and managing Director Ajay Singh said in the release.SpiceJet had in January this year announced that it will buy up to 205 new aircraft from Boeing for Rs 1,50,000 crore, in one of the largest deals in the fast-growing Indian aviation sector.The order of 205 aircraft signifies the strategic direction in which SpiceJet is now committed upon, the airline said. "During this fiscal, SpiceJet completed its turnaround successfully by discharging all its obligations to its business partners, implemented cost savings measures by restructuring contracts and its business processes," it said.According to the airline, besides adding capacity on existing routes, it was awarded six proposals and 11 routes under the UDAN regional connectivity scheme of the Central government.With three-year exclusivity on the routes under the UDAN scheme , SpiceJet will be the only airline to operate on those sectors, it said.The airline is also set to benefit from the reduced cost on account of low jet fuel taxes and exemption from landing and parking charges at regional airports under UDAN, the release said.It also said that this summer the airline increased its regional capacity by 25 per cent and will further augment capacity in this segment. Budget carrier SpiceJet today reported 43 per cent fall in net profit at Rs 41.6 crore for the fourth quarter ended March 31, 2017 due to higher fuel cost and lower yield on account of demonetisation The Gurgaon-based carrier had reported a net profit of Rs 73 crore during the January-March quarter of the 2015-16 fiscal.However, for the full fiscal 2016-17, the airline posted a net profit of Rs 430 crore as compared to Rs 407 crore reported in the fiscal year ended March 2016.SpiceJet reported a quarterly profit of Rs 41.6 crore for the three months ended March 31, 2017, making it the ninth successive profitable quarter for the airline, SpiceJet said in a release today.The net profit for FY2017 stood at Rs 430.7 crore, making this the second successive year of profitable growth, it said.According to the airline, the operating revenues were at Rs 1,625.7 crore for Q4 FY17 and Rs 6191.3 crore for the fiscal 2017.SpiceJet's strong operational performance comes despite significant headwinds, it said adding that demonetisation resulted in significant decline in yield in Q3 and Q4.Increase in fuel cost was at 46 per cent in Q4 eroding approximately Rs 160 crore of profit, it said.These headwinds have subsided and SpiceJet is bullish about its future prospects, the airline said.




According to the airline, its Q4 net profit declined to Rs 41.63 crore from Rs 107.87 crore during the like period of 2015-16. However, the airline's total income from operations stood at Rs 6,191.26 crore — up 21.68 per cent — from Rs 5,088.07 crore reported during 2015-16. Besides, the company reported a decline of 4.24 per cent in its standalone net profit for the financial year 2016-17 to Rs 430.7 crore from Rs 449.78 crore during the previous financial year. New Delhi/Mumbai, June 3 (IANS) Budget passenger carrier SpiceJet on Saturday reported a decline of 61.40 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17, due to demonetisation and increase in fuel cost. The total income from operations during the period under review, however, rose by 10.22 per cent to Rs 1,625.72 crore from Rs 1,474.99 crore during Q4 of 2015-16.


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