SpiceJet reports profit of Rs 73 crore in Q4
SpiceJetBSE -4.62 % on Thursday announced a net profit of Rs 73 crore for the quarter to March, saying this was despite the budget airline's one-time expense of Rs 173 crore on stabilisation and reliability of its fleet. The airline said that it clocked its highest profit ever during 2015-16, at Rs 407 crore, which came after its loss of Rs 687 crore in the previous fiscal.
"Last quarter has been the best-ever quarter. We have cleared all financial dues and will start on a clean slate," said SpiceJet chairman Ajay Singh. "We have taken the expense to clean up and overhaul the fleet. A majority of the funds will go towards overhaul of engines and upgrade of fleet. It also provides for all claims. With this we hope that the past does not come back to haunt us," he said. After this one-time expense, the airline will only have three outstanding claims of about $60 mil ..