SpiceJet above the red mark after 7 quarters. Know more

SpiceJet today announced a net profit of Rs 22.5 crore for the fourth quarter of the current fiscal year. This comes after it’s successive losses in the last 7 quarters. It had reported Rs. 321.5 crore worth losses the same quarter last year.

A press release from the airlines reads, "The profits include the benefit of renegotiated contracts and settlements, the provisioning for re-delivery expenses, and a net gain on an insurance claim."

The company is currently under its Founder-Director Ajay Singh. Under his leadership the airlines focuses to restore operational reliability and boost revenue figures while focusing on cost-cutting, the release said.

(Image credit: Indiatimes)