SpiceJet Q1 profit more than doubles; expecting to take “disproportionate share” of growth
SpiceJet's first quarter net profit more than doubled in the three months ended Jun-2010, surging 110% to USD11.8 million, driven by a 35% increase in operating revenues to USD152 million and a 29% increase in passenger numbers. The carrier's net profit margin in the quarter of 7.8% represented the second highest level in the past two years and compared to a net profit margin of 5.0% in 1Q2010 and -28.3% in 1Q2009. It caps a stunning turnaround for the carrier following deep losses in 2008/09 and the first half of 2009/10.
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