SpiceJet swings to Q3 profit of Rs 238 cr

Indian low-cost airline SpiceJet on Friday reported that it swung to a net profit of Rs 238 crore in the third quarter ended December 31, 2015 as low fuel prices helped revive profitability. In Q3 FY 2014-15, the company had posted a net loss of Rs 275 crore, SpiceJet said in a filing to the Bombay Stock Exchange (BSE). Net income from operations climbed by 11 per cent at Rs 1,460 crore in Q3 FY 2015-16 from Rs 1,311 crore in the same period a year ago. Total expenses fell by 22 per cent at Rs 1,211 crore in Q3 FY 2015-16 from Rs 1,550 crore in the same period a year ago. Aircraft fuel expenses plunged by 35 per cent at Rs 367 crore in Q3 FY 2015-16 from Rs 562 crore in the same period a year ago amidst falling crude prices. Other income climbed 10 per cent at Rs 12.53 crore in Q3 FY 2015-16 from Rs 11.37 crore in the same period a year ago. Finance costs fell 51 per cent at Rs 23.34 crore in Q3 FY 2015-16 from Rs 47 crore in the same period a year ago. Despite the upbeat earnings numbers, shares of SpiceJet fell by 5.03 per cent to end at Rs 70.85 a piece on the BSE on Friday.