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BENGALURU, Feb 24 (Reuters) – India’s SpiceJet Ltd SPJT.NS reported a higher third-quarter revenue on Friday as the embattled low-cost carrier benefited from soaring demand for air travel, sending shares up almost 12%.
The airline said its profit surged to 1.07 billion rupees ($12.93 million) for the three months ended Dec. 31, from 232.8 million rupees in the year-ago quarter, which was impacted by a one-off expense related to a settlement with an aircraft manufacturer.
SpiceJet’s total revenue from operations rose 2.5% to 23.15 billion rupees.
“Despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating rupee,” the company said in a statement.
The profit has been driven by a strong performance in both the passenger and cargo businesses, the company said.
“There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and de-leverage our balance sheet,” Ajay Singh, chairman and managing director, said.
($1 = 82.7550 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Sohini Goswami )
((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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