India's SpiceJet has returned to the black in its third fiscal quarter, posting its highest ever profits as domestic passenger traffic recovers.
For the quarter ending 31 December 2009, it reports a net profit of 1.1 billion rupees ($23.8 million), compared with a net loss of 179.6 million rupees in the corresponding quarter a year ago.
SpiceJet posted a net loss of 1.01 billion rupees in its second fiscal quarter ending 30 September 2009.
"The aviation industry has taken a turn for the better and we believe SpiceJet has outperformed others on all parameters," says SpiceJet's CEO Sanjay Aggarwal.
The carrier's income from operations rose 36% to 6,421 million rupees, while its total income increased 32% to 6,534 million rupees.
Total expenses rose 4% to 5,398 million rupees, adds SpiceJet.
In terms of traffic, the total number of passengers grew 55% from the corresponding quarter last year, says SpiceJet. The airline did not state the real number of passengers.
Capacity, measured in ASKs, rose 28%, while the passenger load factor grew 14 percentage points to 89%, says the airline.
SpiceJet expects growth to continue in its fourth fiscal quarter.
"Though the current quarter includes the traditionally weak travel months of February and March, we foresee that the demand will see a year-over-year increase," it says.
"We expect passenger traffic growth of around 15-18% versus last year and we are optimistic that we will continue to outperform the industry," it adds.
Source: Air Transport Intelligence news
