SpiceJet posts $82.8m operating profit in fiscal 2017
SpiceJet achieved profitability for a third consecutive year, posting an operating profit of Rs5.57b ($82.8m) in its fiscal 2017, a 43.4% year-on-year increase. Consolidated revenue for the year ended 31 March rose 25.9% to Rs79.3 billion, as income from operations jumped 26.5% to Rs77.3b. Expenses was up 24.7% to Rs73.7b, driven by various factors including higher charges in fuel, maintenance expenses, and employee benefits. Net profit rose 30.4% from Rs4.27b to Rs5.57b. Despite the stellar annual performance, its Q4 performance was disappointing. Operating profit plunged 83.1% to Rs405m. Revenue fell 1.1% to Rs20.9b, while expenses rose 9.4% to Rs20.5b. In a statement, SpiceJet pointed out that yields per RPK for the year rose 9%, bring load factor to a record 94.7%. It also launched five new domestic destinations under India's regional connectivity scheme. <br/>
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SpiceJet posts $82.8m operating profit in fiscal 2017
SpiceJet achieved profitability for a third consecutive year, posting an operating profit of Rs5.57b ($82.8m) in its fiscal 2017, a 43.4% year-on-year increase. Consolidated revenue for the year ended 31 March rose 25.9% to Rs79.3 billion, as income from operations jumped 26.5% to Rs77.3b. Expenses was up 24.7% to Rs73.7b, driven by various factors including higher charges in fuel, maintenance expenses, and employee benefits. Net profit rose 30.4% from Rs4.27b to Rs5.57b. Despite the stellar annual performance, its Q4 performance was disappointing. Operating profit plunged 83.1% to Rs405m. Revenue fell 1.1% to Rs20.9b, while expenses rose 9.4% to Rs20.5b. In a statement, SpiceJet pointed out that yields per RPK for the year rose 9%, bring load factor to a record 94.7%. It also launched five new domestic destinations under India's regional connectivity scheme. <br/>
