SpiceJet Returns To First Profit In Seven Quarters

28/05/2015 8:36 PM IST | Updated 15/07/2016 8:25 AM IST
An Indian-operated SpiceJet Boeing 737-800 aircraft (foreground) takes off as a British Airways Boeing 747-400 aircraft (background) sits on the tarmac at the international airport in Mumbai on October 1, 2009. The London-bound British Airways flight BA138 with about 250 passengers aboard made an emergency landing here as the fire alarm went off in the cockpit soon after its take off. The flight took off from the Chhatrapati Shivaji International Airport at 0300 hours but landed back at 0410 hours as the fire alarm went off in the cockpit, a Mumbai International Airport spokesperson said. AFP PHOTO/ Indranil MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP/Getty Images)

NEW DELHI - Low-cost carrier SpiceJet Ltd said on Thursday it made 225.2 million rupees ($3.53 million) in the three months to the end of March, returning to profitability after six quarters of losses.

The country's fourth-largest airline by market share, which almost collapsed in December before being bailed out, reported a 3.22 billion rupees net loss for the same period last year.

"These results indicate that a recovery is in progress, and is the first tangible evidence of the ongoing revival," Chairman Ajay Singh, who led a rescue package for the airline last year when it had run out of money, said in a statement.

The airline said it had focused on negotiating settlements and restructuring contracts to cut costs. SpiceJet has also reduced the size of its fleet, lowering costs further.

SpiceJet said earlier this month that it wants to raise more funding and start to rebuild the size of the fleet as it tries to win back customers. Its market share slumped to 9.4 percent in the January-March quarter, government data shows, down from 18.1 percent a year earlier.

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