India's SpiceJet airlines has continued to see a rise in its business operations after it posted a 22% jump in fourth-quarter profit compared to the same period last year.
The airline, which added new flights as well as an increase in its fleet, has to be the biggest beneficiary from the collapse of Jet Airways.
Ajay Singh, chairman and managing director, SpiceJet said: “SpiceJet has posted a strong recovery in last two quarters after suffering a loss of INR 427.5 crore in the first two quarters due to steep increase in fuel costs and sudden depreciation of the Rupee. This recovery comes despite the unprecedented challenges we faced during the fourth-quarter of 219 which saw the grounding of as many as 13 of our Max planes.
“With a massive fleet expansion this fiscal, a favourable operating environment, a likely return of the B737 Max in July, significant improvements in yields and prime slots at key airports, we are confident of a strong performance for FY2020.”
The airline underlined that it was "eyeing an aggressive expansion" plan across both its domestic and international network. As part of its international expansion strategy, SpiceJet has signed a Memorandum of Understanding for interlining and codeshare arrangement with Emirates, one of the world’s largest airlines.
While the new partnership wil benefit passengers travelling on both airlines, it will significantly boost operating revenues. This will enable SpiceJet passengers from India to enjoy seamless connectivity leveraging Emirates vast network across Europe, Africa, America and the Middle East.
It was announced earlier this week that SpiceJet inducted its 100th aircraft – a Boeing 737 – into its fleet and had also announced the launch of 20 new domestic flights.