Spicejet bounces back, posts Rs 102 cr net profit for Q3
To announce a profit of Rs 102 crore for the third quarter in the current challenging environment is a huge achievement and clearly demonstrates that the strategic changes SpiceJet have made in the last two years has created a platform for our future success, Mills said.
He said the international operations contributed 7 per cent to the overall revenue basket during the quarter, and the target is to get 20 per cent of revenues within the next 18 months from international operations.
The international operations saw an 80 per cent increase in the number of passengers, while the growth in number international departures jumped 129 per cent, he said.
"Notwithstanding the all-round improvement, the fact remains that the industry continues to bear the brunt of extremely high incidence of taxation on fuel which averages at 24 per cent, making it among the highest in the world and acts as the biggest hurdle for the industry's long-term profitability," Mills warned.
During the quarter, the airline recorded 7 per cent growth in number of passengers, while the growth of available seat kilometres rose 18 per cent and the number of departures grew a full 25 per cent.
Its regional operations recorded an 82 per cent growth in the number of passengers, while the departures posted a higher 89 per cent growth.
On revenue from the last week's ultra-low fare scheme, Mills said, they sold 7,05,000 tickets in three days but refused to share