India’s low-cost carrier SpiceJet posted a 77.1% decline in its third-quarter profit on Monday, hurt by higher crude oil prices and forex losses amid intense competition. The airline's standalone net profit, which excludes results of units SpiceJet Merchandis and SpiceJet Technic, was 550.7 million rupees ($7.74 million) for the quarter ended December, compared with 2.40 billion rupees a year earlier, the airline said. Passenger yields, a measure of fares and distance flown, rose 8% during the quarter. SpiceJet had the third- largest market share in the quarter.
Various airlines collectively owe dues of around Rs 2,760 crore to the Airport Authority of India (AAI) on account of services like check-in counters, parking and landing charges. Airlines also pay AAI for other services like ticketing counters and air navigation services. Domestic carriers owe Rs 2,448.4 crore while foreign airlines’ dues stand at Rs 312.2 crore till January 2019. Low-cost carrier SpiceJet owes dues of over Rs 105 crore against a security deposit of Rs 124 crore. The AAI usually issues demand notice when the airline dues breach the 80% threshold of its security deposit.