SpiceJet's Q2 net profit up 103%

Mumbai, Nov 25: Budget passenger carrier SpiceJet on Friday reported a rise of 103 per cent in its net profit for the second quarter of 2016-17.

The company's Q2 net profit stood at Rs 58.9 crore from Rs 29 crore reported in the corresponding quarter of 2015-16.

"This was the weakest quarter of the year and despite the intense competition in the market, SpiceJet has performed exceptionally well. We continue to focus on responsible and profitable growth," said Ajay Singh, Chairman and Managing

Director, Spicejet. 

"We have resolved practically all our legacy issues and the stage is set for building up our cash reserves and finalising our long term fleet expansion plans." 

This is the seventh consecutive profitable quarter for the airline after the challenges faced by the company in December, 2014 and the subsequent change in management and control.