IndiGo parent posts profit surge after rival Jet Airways collapse
The owner of IndiGo saw its quarterly profit jump fivefold following the collapse of rival Jet Airways. InterGlobe Aviation’s standalone net profit rose to INR5.9b (US$84.8m) for the quarter ending March 31, compared with INR1.18b a year earlier. Following the collapse of Jet last month, fares have spiked in India. Since Jet’s collapse, competitors have seized the opportunity to secure its landing slots, staff and aircraft. IndiGo, which operates a fleet of 217 aircraft, is in the middle of an aggressive expansion programme as it works to build a budget long-haul business and plans to begin routes to Saudi Arabia and China in the coming months. “IndiGo was one of the key beneficiaries of what happened to Jet,” said one aviation analyst, “but they see the situation normalising by the end of June as airlines ramp up capacity.” <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-28/unaligned/indigo-parent-posts-profit-surge-after-rival-jet-airways-collapse
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IndiGo parent posts profit surge after rival Jet Airways collapse
The owner of IndiGo saw its quarterly profit jump fivefold following the collapse of rival Jet Airways. InterGlobe Aviation’s standalone net profit rose to INR5.9b (US$84.8m) for the quarter ending March 31, compared with INR1.18b a year earlier. Following the collapse of Jet last month, fares have spiked in India. Since Jet’s collapse, competitors have seized the opportunity to secure its landing slots, staff and aircraft. IndiGo, which operates a fleet of 217 aircraft, is in the middle of an aggressive expansion programme as it works to build a budget long-haul business and plans to begin routes to Saudi Arabia and China in the coming months. “IndiGo was one of the key beneficiaries of what happened to Jet,” said one aviation analyst, “but they see the situation normalising by the end of June as airlines ramp up capacity.” <br/>
