SpiceJet reports first annual profit in FY2010

SpiceJet reported its first annual profit for the year ended 31-Mar-2010 on the back of moderate fuel prices and increase in passenger traffic (Live Mint, 25-May-2010). Details include:

• Three months ended 31-Mar-2010:
  • Profit: USD5.9 million*, compared with a loss of USD1.7 million in the previous corresponding period;
• 12 months ended 31-Mar-2010:
  • Profit: USD13.1 million, compared with a loss of USD75.4 million in the previous corresponding period;
  • Load factor: 78%, +12 ppts;
  • Average airfare: USD68.66, -11.2%.

*Based on the conversion rate at USD1 = INR46.75

The carrier, which has a 12.3% domestic passenger market share, plans to launch international operations in mid-Jul-2010, having completed the mandatory five years of domestic operation required before commencing international operations. SpiceJet has received approval to launch to three international destinations, including Dhaka and Kathmandu.