Low-cost carrier SpiceJet reported a 15 per cent decline in its profit after tax for the quarter ending December 31, at Rs 94.4 crore against Rs 108.9 crore for the same period of last financial year. The carrier, however, posted revenue of Rs 830.1 crore in the December quarter compared to Rs 642 crore in the year-ago period, a growth of 29 per cent. On Thursday, SpiceJet shares went down 7 per cent or Rs 5.45 to close at Rs 68.7 on Bombay Stock Exchange (BSE).
Neil Mills, Chief Executive Officer, said “During these three months we have firmed up our future expansion plans with our fresh aircraft orders and have been preparing the ground for the rapid expansion planned over the next three years. We remain optimistic about the growth in domestic passenger traffic during the next 12-18 months and expect the industry will grow in the 14-16 per cent range."
Domestic traffic grew at 19 per cent during the quarter over the same period previous year and continued to show increasing inclination towards the low-cost carriers (LCC).