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.
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.
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