29.5.15

SpiceJet back in black

Under its new ownership, SpiceJet has flown back into the black after seven consecutive loss-making quarters.The low-cost carrier reported a profit of Rs.22.5 crore in January-March 2015 quarter as against a loss of Rs.321.5 crore is the same period last year.
The income from operations, however, fell by almost 40% to Rs.786.3 crore in Q4 as the airline had sharply cut flights and was on the verge of closure. It was saved as SpiceJet co-founder Ajay Singh bought the airline from Sun Group chief Kalanithi Maran in Q4. “These results indicate that a recovery is in progress... We still have a lot of work to do... I am delighted to see the airline that I helped create 10 years ago starting to get back on its feet in this manner,“ Singh said.

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