SpiceJet reports second successive annual profit; losses in 4Q on yield pressure and fuel
SpiceJet reported a 64.6% jump in net profit for the 2010/11 financial year as higher load factors and an improvement in air traffic demand outweighed a steep rise in fuel costs and “significant” yield pressures. Net profit for the 12 months to Mar-2011 increased to INR1.01 billion (USD22.4 million) as revenues increased 33.2% to INR28.80 billion (USD649.6 million) with the result marking the carrier’s second consecutive annual profit. The carrier’s profit margin increased to around 3.5% in the year.
