IndIGo Q4 profit boosted by Jet Airways collapse
India’s largest carrier by market share IndiGo saw net profit for the January-March fourth quarter surge five-fold – but the airline’s annual profit for 2018-19 was still down 93%.
Quarterly profit was up to more than US$84 million
The collapse of Jet Airways and the grounding of Spicejet’s Boeing 737 fleet saw capacity squeezed and fares sharply rise.
That saw IndiGo’s revenue per available seat kilometre rise by 3-4%.
Airfares still remain high although the airline expects that will level out by the end of June.
"Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intense competitive environment. However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery," chief executive Ronojoy Dutta said.
"Looking ahead, it is difficult not to be bullish about the future. We see plenty of opportunities for profitable growth in our network.
The airline’s fleet size increased to 217 aircraft, made up of Airbus jets as well as 15 ATR planes.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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