Spicejet net profit falls over 50% as demonetisation causes yields to drop
Spicejet net profit falls over 50% as demonetisation causes yields to drop
Spicejet Ltd reported an over 50% drop in its standalone net profit for the quarter ended March 31, 2017 on June 3, 2017.
The company said that its net profit for the given quarter stood at Rs 41.6 crore as against Rs 107.87 crore in the same period of last year.
Spicejet said, "On an EBITDA basis, profit is Rs 111.2 crore for the reported quarter and Rs 694.4 crore for the fiscal 2017."
Total income for Spicejet in the fourth quarter grew to Rs 16736.06 crore as against Rs 15175.52 crore in fourth quarter of year previous to last.
Total expenses too rose from Rs 14733.69 crore to Rs 16319.6 crore with employee benefit scheme rising to Rs 1836.68 crore from 1334.44 crore in the given period.
The company said that demonetisation impacted the business with a significant decline in yield in Q3 and Q4.
"Increase in fuel cost was at 46% in Q4 eroding approximately Rs. 160 crore of profit," Spicejet said.
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