SPICEJET POSTS 10% PROFIT INCREASE IN QUARTERLY RESULTS

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By TESTCustomwebLP TESTCustomwebLP January 28, 2011 17:30

SPICEJET POSTS 10% PROFIT INCREASE IN QUARTERLY RESULTS

SpiceJet has reported a net profit of 94.4 crores for the quarter ended December 2010 with a 10% improvement in EBITDA to 114 crores over the same period previous year. SpiceJet has posted a profit for the last five successive quarters thanks to an increase in domestic passenger traffic. SpiceJet also posted its highest quarterly load factor 87.8% during this period and closed with an all-time high market-share of 13.6% for the quarter against load factor of 80% and a market-share of 12.5% for the same quarter last year.

Neil Mills, chief executive officer, said: “In a sense, this has been a very crucial quarter for us.  During these three months we have firmed up our future expansion plans with our fresh aircraft orders and have been preparing the ground for the rapid expansion planned over the next 3 years.  In the backdrop of this, we are happy to have posted our highest quarterly load factor of 87.8% during this quarter. This clearly demonstrates the increasing consumer acceptance of the SpiceJet value-service offering. We are also pleased that the yields in the market remained stable despite an increase of 11% in the market domestic seat capacity.”

“We remain optimistic about the growth in domestic passenger traffic during the next 12-18 months and expect that the industry will grow in the 14-16% range.  SpiceJet will be at the forefront of this growth and will continue to outperform the industry,” he concluded.

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By TESTCustomwebLP TESTCustomwebLP January 28, 2011 17:30
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