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SpiceJet declares profit for Q1 FY 010
SpiceJet declares profit for Q1 FY 01029-Jul-2009 |
Airline Code [SEG]
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Highlights for the quarter ended June 30, 2009 vs June 30, 2008 Financial performance for the quarter; 15% increase in Revenue from Operations, 24% reduction in Cost per Available Seat Kilometere, EBIDTAR improved from loss of INR 67 crore to profit of INR 121 crore, EBIDTAR margin improved from negative 15% to positive 23%, Net Profit after Tax of INR 26.3 crore compared to a Net Loss of INR 129.2 crore.
Operational performance for the quarter; 21% growth in number of passengers, 12% growth in Available Seat Kilometers. 8% growth in number of departures, load factor increase from 70% to 76%.
Business Update for Apr-Jun 2009 The current quarter remained weak for the domestic aviation sector with passenger numbers showing a decline of 5% vs. same period last year. However, there are signs of recovery as June saw an increase of 5.5% in year over year traffic after a decline of 12 consecutive months.
The quarter also saw a capacity reduction by the Full Service Carriers to the tune of 13%. However, due to capacity increased by Low Fare Carriers the overall domestic seat capacity declined by 8%. Reduction in capacity helped marginally improve the industry load factor from 69% to 72%.
An important trend during this quarter was the increasing shift of passengers towards economy airlines. More than 55% of passengers travelled on Low Fare Airlines in comparison to 45% last year. In fact, the shift is significant enough to compel the Full Service Airlines to start rethinking their business model and announcing plans to introduce ‘single-class, no-frills’ services and deploying considerable capacity to the Low Fare model.
Sanjay Aggarwal, Chief Executive Officer, added "We had a great quarter given the challenges the industry continues to face. We saw an increased acceptance of our service by the consumers. This helped in absorbing the additional 10% capacity that we deployed over last year. Our market share improved from an average of 10.4% during Apr-Jun’08 to 12.4% during the current quarter. We expect the yields to remain under pressure during the quarter July to September, which are traditionally weak months for travel."
(c) Centre for Asia Pacific Aviation. Date posted: 29-Jul-09 |
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