Business Companies 11 Feb 2019 SpiceJet third-quart ...

SpiceJet third-quarter profit plunges as oil prices weigh

REUTERS
Published Feb 11, 2019, 4:32 pm IST
Updated Feb 11, 2019, 4:32 pm IST
The airline's standalone net profit was 550.7 million rupees for the quarter ended Dec, compared with 2.40 billion rupees a year ago.
SpiceJet had the third- largest market share in the quarter, unchanged from the previous three months, according to the airline regulator. (Photo: Representational Image)
 SpiceJet had the third- largest market share in the quarter, unchanged from the previous three months, according to the airline regulator. (Photo: Representational Image)

New Delhi: India’s low-cost carrier SpiceJet Ltd posted a 77.1 percent decline in its third-quarter profit on Monday, hurt by higher crude oil prices and forex losses amid intense competition.

The airline's standalone net profit, which excludes results of units SpiceJet Merchandise and SpiceJet Technic, was 550.7 million rupees (USD 7.74 million) for the quarter ended December, compared with 2.40 billion rupees a year earlier, the airline said here.

 

Passenger yields, a measure of fares and distance flown, rose eight percent during the quarter. SpiceJet had the third- largest market share in the quarter, unchanged from the previous three months, according to the airline regulator.

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