SpiceJet Q1 profit more than doubles; expecting to take “disproportionate share” of growth

SpiceJet’s first quarter net profit more than doubled in the three months ended Jun-2010, surging 110% to USD11.8 million, driven by a 35% increase in operating revenues to USD152 million and a 29% increase in passenger numbers. The carrier’s net profit margin in the quarter of 7.8% represented the second highest level in the past two years and compared to a net profit margin of 5.0% in 1Q2010 and -28.3% in 1Q2009. It caps a stunning turnaround for the carrier following deep losses in 2008/09 and the first half of 2009/10. [1988 words]

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This report contains the following subheadings:

• SpiceJet and Indigo only Indian carriers making a profit: Maran
• Passenger growth of 30% in Jun-2010 quarter
• To acquire 30 new B737s to support growth
• India's LCCs on rapid expansion trajectory
• New Board of Diectors and CEO for SpiceJet. New name to follow? 
• Outlook: Strong near-term outlook, but uncertainties remain

This report contains the following charts and tables:

• Spicejet net profit margin: 1Q2009 to 1QFY10/11
• SpiceJet financial highlights for three months ended 30-Jun-2010
• SpiceJet domestic passenger numbers and domestic passenger numbers growth: 1Q2008 to 2Q2010
• Go Air, Indigo and SpiceJet current and future fleet orders