Budget carrier SpiceJet on Saturday reported 43 per cent fall in net profit at Rs41.6 crore for the fourth quarter ended March 31, 2017 due to higher fuel cost and lower yield on account of demonetisation.
The Gurgaon-based carrier had reported a net profit of Rs73 crore during the January-March quarter of the 2015-16 fiscal.However, for the full fiscal 2016-17, the airline posted a net profit of Rs430 crore as compared to Rs407 crore reported in the fiscal year ended March 2016.
SpiceJet reported a quarterly profit of Rs41.6 crore for the three months ended March 31, 2017, making it the ninth successive profitable quarter for the airline, SpiceJet said in a release on Saturday. The net profit for FY2017 stood at Rs430.7 crore, making this the second successive year of profitable growth, it said.
According to the airline, the operating revenues were at Rs1,625.7 crore for Q4 FY17 and Rs6191.3 crore for the fiscal 2017. SpiceJet’s strong operational performance comes despite significant headwinds, it said adding that demonetisation resulted in significant decline in yield in Q3 and Q4.