SpiceJet stock flies high; surges nearly 6% on profit numbers

SpiceJet shares surged nearly 6 percent Tuesday after the company posted second straight quarterly profit at Rs 71.8 crore for the three months ended June.

Mumbai: SpiceJet shares surged nearly 6 percent Tuesday after the company posted second straight quarterly profit at Rs 71.8 crore for the three months ended June.

Following the result, the stock climbed 5.77 percent to settle at Rs 26.60 on the BSE. In intra-day trade, it rose sharply by 8.34 percent to Rs 27.25 - one-year high.

On the volume front, 183.66 lakh shares of the company changed hands at the BSE during the day.

SpiceJet posted its second straight quarterly profit at Rs 71.8 crore for the April-June period, helped by a steep 42 percent reduction in costs and higher seat-occupancy.

The Gurgaon-based airline, which was on the verge of closure late last year, had posted a net loss of Rs 124.1 crore in the April-June quarter of 2014-15 fiscal.

Snapping seven-straight quarters of loss, the budget carrier had returned to the black with a Rs 22.1 crore net profit in the three months ended March, 2015 after original promoter Ajay Singh took control.

However, SpiceJet's sales from operations declined by 34 percent to Rs 1,106.3 crore in the first quarter of current fiscal. In year-ago period, it stood at Rs 1,691.04 crore.

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