SpiceJet Ltd is India's fourth-largest airline by market share, and the second largest low cost airline.
It nearly collapsed in December 2014.
Its fourth-quarter net profit more than tripled on lower fuel prices and as it flew more passengers.
“This is the fifth consecutive quarter for SpiceJet since the challenges faced in December 2014. The airline has been recording load factors of over 90 per cent consistently over the last 11 months which is the highest in the industry,” the release said. Operations have stabilised with on-time performance at around 90 per cent and cancellations rates being the lowest in the industry, it added.
SpiceJet said net profit stood at Rs 730 million after taking a “one-time expense of Rs 1,730 million towards stabilising and improving the reliability of its fleet”.
For the financial year 2015-16, SpiceJet saw its net profit at Rs 4,071.9 million.
For the financial year 2014-15, SpiceJet saw a net loss of Rs 6,870.5 million.
During the latest March quarter, the airline’s total :
- Income from operations stood at Rs 14,749.9 million (Rs 7,909.1 million in the same period a year ago).
- Expenses stood at Rs 14,603.9 million (Rs 8,888.3 million in the same period a year ago).
- Passengers carried were 33,89,007 (Domestic + International)
- Hours flown were 37,500 hrs (Domestic + International)
SpiceJet Chairman and Managing Director Ajay Singh said that by taking the one-time expense, the airline has now accounted for all legacy issues and are ready to start on a clean slate with even greater confidence.
"We had inherited a deeply stressed company last year. We are delighted that we have made significant progress both financially and operationally, and have significantly strengthened our balance sheet. The company's turnaround is "unparalleled in the history of Indian aviation". Singh said.