SpiceJet Q4 net rises after seven quarters

The airline has seen infusion of Rs 650 crore since the new promoters took over.

No-frills carrier SpiceJet on Thursday reported a net profit of Rs 22.5 crore for the three months ended March 31, 2015. This is the first time after seven quarters that the airline recorded net profit on back of low costs due to curtailment of operations and renegotiation of contracts with stakeholders.

SpiceJet had registered a loss of Rs 321.5 crore during the same quarter the previous fiscal. The airline also reduced losses during the FY15 to Rs 687.05 crore from Rs 1,003.24 crore in FY14.

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SpiceJet said, “The profits include the benefit of renegotiated contracts and settlements, the provisioning for re-delivery expenses, and a net gain on an insurance claim.”

The airline has seen infusion of Rs 650 crore since the new promoters took over.

Gaza-bound Flotilla says it was struck by drone in Tunisian waters; authorities deny claim

World2 hr ago

The Global Sumud Flotilla (GSF) for Gaza said early Tuesday that one of its main boats was struck by a drone off the Tunisian waters, but all the six passengers and crew are reportedly safe, Reuters reported. However, Tunisia's National Guard spokesman told Mosaique FM radio that reports of a drone attack on the flotilla "have no basis in truth".

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