SpiceJet swings to quarterly profit; shares rise

Last Updated: Mon, Jan 21, 2013 08:34 hrs

Indian budget carrier SpiceJet swung to a quarterly profit on Monday, aided by higher fares, sending its shares up as much as 7.6 percent.

SpiceJet earned 1.02 billion rupees ($18.95 million) in October-December, compared with a net loss of 392.6 million rupees in the year-ago quarter.

SpiceJet said average passenger yields rose 29 percent in the latest quarter, a period that saw Kingfisher Airlines grounding its fleet. A rise in passenger yields reflects higher airfares.

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