POST Online Media Lite Edition



 

SpiceJet posts highest annual profit in its history

Staff writer |
SpiceJet reported a net profit of Rs.73 Crore for Q4 FY16, after taking a one-time expense of Rs.173 Croretowards stabilising and improving the reliability of it’sfleet.

Article continues below






Despite this one-time expense, the net profit is an improvement of 225%over the same quarter last year. SpiceJet reported a net profit of Rs. 407 Crore for FY2016 as against a loss of Rs. 687 Crore for FY 2015, a positive change of Rs. 1094 Crores.

SpiceJet generated an operational revenue of Rs.1,475 Crore in the current quarter, a growth of 86%over same quarter last year.For FY 2016, SpiceJet posted an operational revenue of Rs.5,088 Crore a reduction of 3% over FY 2015, while its capacity deployed reduced by 11% over the same period.

On an EBITDA basis, SpiceJet reported a profit of Rs.146 Crore against a profit of Rs.80 Crore in the same quarter last year; and a profit of Rs.640 Crore for FY2016 against a loss of Rs.397 Crore during FY2015.

On an EBITDAR basis, the company reported a profit of Rs.393 Crore against a profit of Rs.196 Crore in the same quarter last year and a profit of Rs.1,446 Crore for FY2016 against a profit of Rs.467 Crore during FY2015.

For the quarter:

Operating revenue per Available Seat Kilometre (ASKM)registered a growth of 21% over the same quarter last year.

Expenses excluding the one-time expense per ASKM declined 6%. Fuel cost declined by 25%, which is an impact of 8% on total cost. Currency depreciation impacted cost negatively by 3%.

For the fiscal year:

Operating revenue per ASKM registered a growth of9% over last year. Total expenses (excluding the one-time expense) per ASKM declined 13%.

The increase in unit revenue were a combined result of higher load factors, tighter revenue management and a substantial increase in Ancillary revenue.

Unit cost reduction was achieved through contract renegotiation, higher resource productivity, and restructuring of operations, but were adversely impacted by currency depreciation and legacy issues.


What to read next

UBS recorded a net profit of CHF 762 million
American Airlines reports highest quarterly profit in company history
Qantas post second highest performance in 97 years