Low-cost carrier SpiceJet on Tuesday reported a standalone third-quarter profit of ₹23 crore, as compared with a loss of ₹56.96 crore in the year-earlier period.
Total income at the airline rose 43% to ₹2,679 crore last quarter as it carried more passengers, while its expenses increased to ₹2,579 crore. “The passenger industry witnessed the much needed turnaround in the third quarter as COVID cases ebbed in the first half of the quarter, travel picked up significantly and there was finally hope that the worst was behind us,” said Ajay Singh, CMD, SpiceJet. “However, that changed by the second half of December as Omicron halted that recovery," he added.
SpiceJet said it was in discussions with Credit Suisse regarding a claim of more than $24 million by the latter and added that it expected “to settle the matter in the given time frame”. While the Madras High Court had ordered the ‘winding up’ of the airline in the matter, SpiceJet had last month won a reprieve from the Supreme Court, which had granted a three-week stay.
The airline also said that it would be paying ₹77.4 crore to the manufacturer of Q400 aircraft following a settlement over allegations of breaches.
SpiceJet is also mired in a share transfer dispute with former promoter Kalanithi Maran, who on Monday declined a ₹600 crore one-time settlement offer made by the airline.
SpiceJet is also mired in a share transfer dispute with former promoter Kalanithi Maran, who on Monday declined a ₹600 crore one-time settlement offer made by the airline.
