After reporting a loss of almost $70 million in the second quarter of 2022, SpiceJet reported a 160% rise in consolidated net profit at $13 million for its third quarter ending December 31, 2022. The airline reported a 33% increase in passenger revenues alongside increasing ticket prices allowing the carrier to offset a slump in its freight and logistics subsidiary, SpiceXpress.
Overall, the airline's domestic load factor increased by almost six percentage points to 91% through Q3, the highest in India.
Celebrating the airline’s accomplishments through the quarter, Ajay Singh, chairman and managing director, said: “We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses.”
A year ago, the airline’s net profit stood at INR 420 million.
The airline's passenger Revenue per Available Seat-Kilometer (RASK) rose by 27% in October-December when compared to the same quarter last year. It launched 15 new routes and operated 254 charter flights in the quarter.
The air cargo service SpiceXpress has reported net profit of INR 120 million and revenue of INR 12bn for the quarter.