Spicejet Eyes Recovery As Q4 Profits Rise

Indian low-cost carrier SpiceJet returned to profitability in the three months to the end of March with a net profit of INR225.2m ($3.53m).

Indian low-cost carrier SpiceJet returned to profitability in the three months to the end of March with a net profit of INR225.2m ($3.53m).

SpiceJet’s latest results were in contrast to the INR3.2bn ($50m) loss it incurred in the same period last year.

In a statement, SpiceJet chairman Ajay Singh said the results “indicate that a recovery is in progress” and was evidence of an “ongoing revival” at the airline.

SpiceJet, which was on the verge of financial collapse before being bailed out last December, said it plans to boost operational reliability and revenues by winning back customer confidence.

TAGS: Asia
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