Aviation sector bounces back riding on Jet Airways troubles
NEW DELHI: Troubles at Jet Airways have helped rival carriers IndiGo and SpiceJet to bounce back to profit.After IndiGo registered a 401 per cent jump in its Q4 profit to Rs 589.60 crore, SpiceJet, which recently inducted its 100th aircraft, on Tuesday reported 22 per cent jump in net profit for the March quarter despite the grounding of 13 Boeing MAX aircraft.
The airline reported a profit of Rs 56.3 crore for the quarter ended March 31, 2019 as against Rs 46.2 crore in the same quarter last year. The reported profit does not include any form of reimbursements or compensation on the grounded aircraft, for which SpiceJet is working with the manufacturer, the airline said in a statement.
