SpiceJet returns to net profit of Rs 22.5 cr in Q4 FY15

SpiceJet Ltd. has reported a net profit of Rs 22.5 crore for the fourth quarter (Q4) of financial year 2015-15 (FY15), a turnaround from the net loss of Rs 321.5 crore for the same quarter last year, stated a release. On an EBITDA basis, the airline reported positive Rs 80 crore, against negative Rs 235 crore the previous year.

The company, which changed hands during the quarter and is now directly under its original Founder-Director and now Promoter, Chairman, and Managing Director, Ajay Singh, has been focusing on restoring operational reliability and boosting revenues by winning back their customer confidence, while negotiating settlements and re-negotiating several major contracts for price reduction. The airline ended the quarter with a load factor of 81 per cent, which is a historic high for low season, as it continued gaining demand stimulation to maximise revenues.

Singh stated, “These results indicate that a recovery is in progress, and is the first tangible evidence of the ongoing revival. We are confident that we will build a world-class airline and this is the first step. We still have a lot of work to do. Our results show the resilience of the SpiceJet brand, and the unwavering faith, passion, and commitment of each and every one of our employees. I am delighted to see the airline that I helped create this month, ten years ago, starting to get back on its feet in this manner.”

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