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SpiceJet Q3 profit plunges 77% due to higher oil prices, forex losses

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.

Read More at Business Standard News date : 11 Feb 2019, Monday

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