SpiceJet returns to profitability in 1QFY2013

SpiceJet revenue up 55% - financial highlights for three months ended 30-Jun-2012:

• Revenue: INR14,667 million (USD270.8 million), +55.1% year-on-year;
• Total costs: INR14,043 million (USD259.2 million), +38.8%;
  • Fuel: INR6697 million (USD123.6 million), +32.6%;
  • Aircraft lease rentals: INR1963 million (USD36.2 million), +48.7%;
• Profit before tax: INR624.4 million (USD11.5 million), compared to a loss of INR719.6 million (USD13.3 million) in p-c-p;
• Net profit: INR562 million (USD10.4 million), compared to a loss of INR719.6 million (USD13.3 million) in p-c-p;
• Passenger numbers: +26.1%;
• Load factor: 80.3%, +1.4 ppt;
• Passenger yield: INR4068 (USD75.10 ), +24%. [more - original PR]

*Based on the average conversion rate at USD1 = INR54.1701 for the period

SpiceJet: "While we expand our footprint in domestic as well as international sector, the excessive taxation on ATF in India and the weakening of Indian Rupee against the US dollars are matters of serious concern. The sharp increase in airport charges and other pass-through levies in various forms are increasing the cost of air travel to our passengers, without bringing any additional revenue to the airlines. The need of the hour is for Government of India to intervene proactively and launch initiatives urgently to improve the health of Indian civil aviation," Neil Mills, CEO. Source: Company statement, 30-Jul-2012.