SpiceJet back in black (profit zone) after 7 quarters!
Posted on: 29/May/2015 2:22:34 PM - No. of views : (2188)
With change in ownership, Spice Jet has flown back into the black after seven consecutive loss-making quarters. The low-cost carrier reported a profit of Rs 22.5 crore in January-March 2015 quarter as against a loss of Rs 321.5 crore is the same period last year.
However, the income from operations fell by almost 40% to Rs 786.3 crore in Q4 as the airline had sharply cut flights and was on the verge of closure. It was saved as SpiceJet co-founder Ajay Singh bought the airline from Sun Group chief Kalanithi Maran in Q4. These results indicate that a recovery is in progress Still have a lot of work to do by the company.
However, Mr. Singh expressed that he was delighted to see the airline that he helped create 10 years ago starting to get back on its feet in this manner.
