India's budget airline SpiceJet swings to quarterly profit

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

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

SpiceJet earned 1.02 billion rupees during the October-December period compared with a net loss of 392.6 million rupees in the year-ago quarter.

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

* Reuters