SpiceJet, a low-cost carrier, recorded a 24 per cent decline in net profit, at Rs 181.1 crore, in the quarter-ended December, from Rs 239.9 crore in the year-ago period. The airline attributed the performance due to subdued demand due to demonetisation.
Total income from operations was Rs 1,642.4 crore, higher than the Rs 1,460 crore earned during the same period last year. Fuel cost increased to Rs 473.7 crore in the quarter against Rs 366.6 crore in the year-ago period. On a whole, rising oil prices have started denting the profitability of Indian carriers.